Mark Yusko, CEO of Morgan Creek Capital Management, argued that the market structure for Bitcoin is starting to shift back in favor of an uptrend, suggesting that $BTC may have entered a new bull run that could reach $250,000 in the long term.

In his latest interview, Yusko stated that there has been a significant shift in the Bitcoin market compared to a few months ago. Recalling his previous advice to investors to be cautious, the experienced investor indicated that he believes Bitcoin has now moved from a “distribution” phase to an “accumulation” phase.

According to Yusko, one of the most important signs supporting this view is that the Bitcoin price has now started to form higher lows and higher highs. He also cited $BTC rising above the 200-day and 50-week moving averages as significant trend signals.

Bitcoin’s recent surge above $86,000, reaching its highest levels since January, has also supported the market recovery. Inflows into spot Bitcoin ETFs and institutional purchases are reported to have been influential in this recent rise.

Yusko stated that Bitcoin, after recently falling to around $58,000, has recovered to the $85,000-$86,000 region, but according to his valuation model, it is still below its “fair value.”

Morgan Creek CEO Yusko argues that Bitcoin’s current fair value is around $105,000, citing Metcalfe’s Law and Timothy Peterson’s network valuation model. In a separate statement recently, Yusko also suggested that trading below this level presents an accumulation opportunity.

Another important factor behind Yusko’s bullish outlook is global liquidity. Noting that the global M2 money supply is expanding again, Yusko stated that despite the Fed’s appearance of a tighter policy, monetary expansion, particularly in large economies like China, is pushing the global money supply upwards.

Yusko also views the increased liquidity and the lower leverage ratios in the Bitcoin market compared to previous periods as a positive development. Recalling that speculators using 20 to 100x leverage in previous bull cycles led to large liquidations, Yusko believes that the increasing weight of ETFs and longer-term institutional investors in the market has changed this structure.

Yusko stated that Bitcoin peaked around $125,000-$126,000 in 2025 before undergoing a sharp correction, arguing that a significant portion of excessively leveraged positions were cleared from the market during this period.

According to Yusko, the shift in Bitcoin ownership towards institutional investors, family offices, and high-income long-term investors in this new era could make the future uptrend more sustainable. However, he also stated that this could lead to price movements occurring more slowly compared to previous cycles.

“The Rise in Bitcoin Won’t Come Suddenly”

Therefore, Yusko does not expect a direct vertical move in Bitcoin to $125,000 and then to $250,000. Instead, he believes a longer but more sustainable uptrend may form.

Yusko also noted that because Bitcoin has now become a much larger asset class, repeating the tenfold increases seen in the past will become increasingly difficult. Nevertheless, he argued that Bitcoin’s total market capitalization could reach tens of trillions of dollars in the long term.

Morgan Creek CEO Yusko’s thesis also places significant emphasis on the global debt problem and currency devaluation. Yusko believes that high public debt will force governments to devalue their currencies in the long run, and in such an environment, assets with limited supply, such as gold and Bitcoin, could emerge as stores of value.

Yusko stated that, in addition to Bitcoin, smart contract platforms such as Ethereum, Solana, and Avalanche will also play a significant role in the digital economy; he also drew attention to the growth potential of tokenization of real-world assets, on-chain trading of securities, and decentralized finance applications.

However, Yusko’s strongest signal regarding Bitcoin is that the market has entered a new accumulation phase. According to the analyst, while heavy selling was seen during every upward trend in previous months, the fact that buyers are now stepping in when the price falls indicates a significant change in market behavior.

Yusko also cited the formation of a second bottom with higher volume, the vượt qua of the 200-day and 50-week moving averages, and Bitcoin’s rapid acquisition of buyers despite negative news as signs of a new bull run.

*This is not investment advice.