Anthony Scaramucci, CEO of Skybridge Capital recently predicted that bitcoin/” rel=”nofollow”>bitcoin will reach $170,000. To further clarify this prediction, Scaramucci explained when it will happen and why he believes this price level is very achievable.
When the price of bitcoin will reach $170,000
in a interview With Scott Melker, Scaramucci stated that the price of bitcoin will reach $170,000 after the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving. Specifically, he hinted that the crypto token was going to rise to this price level 18 months after the bitcoin-halving-could-provide-a-big-boost-to-these-altcoins-growth/” rel=”nofollow”>Halving Event. The CEO of Skybridge Capital explained in more detail what he based his prediction on.
Scaramucci mentioned that his prediction was based on bitcoin-86-on-the-way-halving-previous-cycles-here/” rel=”nofollow”>Latest bitcoin Halving Cyclespointing out that the price of bitcoin increased approximately four times 18 months after bitcoin miners' rewards were reduced.bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”> Cut in half. He hopes this time will be no different, as $170,000 represents just over four times more than the $35,000 that Scaramucci predicts will be the price of bitcoin when the Halving occurs in April.
The CEO of Skybridge Capital stated that his launch bitcoin-price-35000-decoding-5-major-reasons/” rel=”nofollow”>bitcoin price at $35,000 in April he was simply being “conservative.” If the price of bitcoin turns out to be higher, at a price of $50,000, the crypto token will rise to $200,000 in the next 18 months, Scaramucci stated. Basically, his base prediction was that bitcoin would increase 4x in the next 18 months after Halving.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Skybridge-Capital-CEO-Reveals-When-Bitcoin-Price-Will-Hit-170000" alt="Tradingview.com btc Price Chart (bitcoin)” width=”3266″ height=”1530″ loading=”lazy”/>
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bitcoin will reach at least half of gold's market capitalization
Scaramucci's long-term prediction is that bitcoin will “easily” reach half of bitcoin-cost-if-it-reached-market-cap-of-gold/” rel=”nofollow”>The market capitalization of gold, which amounts to 13.7 billion dollars. That means bitcoin's market capitalization, currently around $850 billion, could rise to nearly $7 trillion. If that happens, the CEO of Skybridge Capital believes that the price of bitcoin will be approximately 10 times its current price. increasing to $400,000 in the process.
Highlighting bitcoin's potential, Scaramucci stated that it would be “ridiculous” if people did not understand the dynamics of bitcoin as a store of value and at least have some exposure to it. He also alluded to the bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETF and how there is likely to be greater institutional demand for the flagship crypto token following the approval of these funds.
This is not the first time Scaramucci has mentioned the effect that Wall Street's adoption of bitcoin could have on the market. In September of last year, he predicted that the bitcoin market would expand once again. bitcoin-spot-etf/” rel=”nofollow”>asset managers like BlackRock He had a Spot bitcoin ETF in his “arsenal”.
At the time of writing, bitcoin is trading at around $43,300, up more than 2% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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