Bitcoin could hit $170k post halving: Anthony Scaramucci

2024-01-28 07:48:44

SkyBridge Capital founder Anthony Scaramucci shared an optimistic take on Bitcoin’s (BTC) potential trajectory following the halving.

The former White House communications director suggested on The Wolf Of All Streets Podcast with Scott Melker that Bitcoin could experience a “conservative” increase of more than 300% in the coming months.

“Why so bearish, man?” Melker asks. Here’s what Scaramucci said.

Scaramucci sees BTC at $170k

Bitcoin could witness a “cycle top” that is 4x higher than its halving price, Scaramucci, a Goldman Sachs vet, says. He predicts that Bitcoin could reach $170,000 after the halving in April, based on historical data.

Scaramucci approximates the peak period for Bitcoin to occur approximately 18 months after the halving event.

“Review Bitcoin halving cycles – the day it halves, multiply by four, 18 months later, and it consistently reflects Bitcoin’s price. Using a conservative $35,000 at the halving, if we’re at $50,000 in April, it could be $200,000; at $60,000, it could reach $240,000”

“In the long term, I foresee Bitcoin nearing half of gold’s market capitalization. With gold at $14.5 trillion, if Bitcoin hits $7 or $8 trillion, that’s a 10x increase – a $400,000 Bitcoin, and I think it’s ridiculous for people not to understand the asset, not to understand it as a store of value and not to have a position in it.”

Anthony Scaramucci, founder of SkyBridge Capital

At present, Bitcoin is valued at $42,540, showcasing resilience amid fluctuations, which, along with its long-term potential, remains appealing to both investors and enthusiasts. The approval of several Bitcoin spot ETFs also underscores BTC’s increasing popularity and acceptance.

Scaramucci’s positive predictions underscore the potential for significant growth in Bitcoin, particularly in light of the upcoming halving event.

See the video below.

Bitcoin ETF approval sparks more volatility

Bitcoin’s price has been fluctuating since the approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC) in the US. While some experts predict a massive jump in Bitcoin prices, others believe that the hype around ETFs has faded, and traders’ attention is now focused elsewhere.

ARK Invest CEO Cathie Wood had predicted that Bitcoin’s price could reach $1.5 million by 2030 in a bullish scenario, raising her estimate by 50% from a previous prediction of $1 million.

However, Bitcoin’s price has dropped to its lowest level since the approval of ETFs, losing about $7,000 in value.

Despite this, some crypto investors predict that Bitcoin could surge to more than $100,000 this year, with all-time high price predictions ranging from $100,000 to $250,000

Meanwhile, Bitcoin had surpassed $49,000, hitting a local high of $49,102, following the approval of spot Bitcoin ETFs for trading on U.S. exchanges. However, the price retraced to around $42,000 afterwards, inducing notable market volatility

Investors closely monitor the interest surrounding the eleven approved ETFs, with offerings from BlackRock, Fidelity, and various crypto-native companies contributing to swift trading volumes and market enthusiasm.

The surge in price, fueled by the ETF launch, is evident, while the Ether (ETH) rally against Bitcoin has slowed amid the SEC’s Ether ETF decision delay. Altcoins have remained relatively stable after a dip, and the stock market continues to reach new highs, also driven by robust GDP growth.

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