Anthony Scaramucci Envisions Bitcoin to hit $170k Following Halving

The founder of SkyBridge Capital, Anthony Scaramucci, had a positive outlook on the future course of Bitcoin on a recent episode of The Wolf Of All Streets Podcast. Experienced at Goldman Sachs, Scaramucci said that a “conservative” spike in Bitcoin of more than 300% was possible in the coming months.

Scaramucci predicted that Bitcoin may hit a “cycle top” where its price will quadruple from its halving. He predicted that following the April halving, Bitcoin will reach $170,000 based on past statistics. “Review Bitcoin halving cycles – the day it halves, multiply by four, 18 months later, and it consistently reflects Bitcoin’s price,” he proposed, drawing on previous halving cycles.

He emphasized the importance of understanding Bitcoin’s long-term potential, foreseeing it nearing half of gold’s market capitalization. With gold at $14.5 trillion, Scaramucci envisioned a 10x increase for Bitcoin, reaching a staggering $400,000. His advice to skeptics was clear: “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.”

Presently valued at $41,708 (at the time of writing), Bitcoin has demonstrated resilience amidst market fluctuations, making it an attractive prospect for both investors and enthusiasts. The recent approval of several Bitcoin spot ETFs further underscores the increasing popularity and acceptance of Bitcoin in mainstream finance.

Bitcoin ETF Approval Sparks Market Volatility

Bitcoin’s price has experienced fluctuations since the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) in the US. While some anticipate a substantial surge in Bitcoin prices, others believe the initial hype around ETFs has waned, diverting traders’ attention elsewhere.

In a positive scenario, CEO of ARK Invest Cathie Wood increased her estimate for the price of Bitcoin to $1.5 million by 2030. Notwithstanding this hope, since ETFs were approved, the price of Bitcoin has decreased, losing around $7,000 in value.

Notwithstanding the unpredictability, some cryptocurrency speculators believe that Bitcoin may reach $100,000 this year, with high-end estimates ranging from $100,000 to $250,000. The recent spike to above $49,000 and subsequent down to about $42,000 following the approval of the ETF brought attention to the volatility of the Bitcoin market.

The eleven authorized ETFs are closely watched by investors, and big companies like Fidelity and BlackRock fuel quick trading volumes and market fervor. Even if the price has clearly increased, Ether’s climb versus Bitcoin has slowed down as a result of the SEC’s protracted decision-making process over an Ether ETF. Due to strong GDP growth, altcoins are still steady and the stock market is still reaching all-time highs. Since Bitcoin is still in the public eye, its future direction will undoubtedly influence the cryptocurrency market as a whole.