Coinspeaker
Anthony Scaramucci: Bitcoin Will Reach $170,000 After Halving 2024 Fueled by Institutional Demand
SkyBridge Capital founder Anthony Scaramucci has issued a bold Bitcoin (BTC) prediction after the upcoming halving event in April. While speaking in a podcast interview with Scott Melker, Scaramucci highlighted that Bitcoin price will reach at least $170,000 within eighteen months after the upcoming fourth having event in April. Notably, Scaramucci indicated that $170k is a conservative estimate since it largely depends on the Bitcoin price during the halving event. Whereby he pointed out that Bitcoin price will easily rally fourfold the value halving before the end of 2025.
โI am using a $35,000 number at the halving and that is conservative.ย Let us say we are at $50,000 in April, then it is a $200,000 handle. Let us say we are at $60,000, it will be $240,000,โ Scaramucci noted.
Otherwise, Scaramucci is confident Bitcoin price could easily dethrone Goldโs market capitalization in the coming months, especially after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Consequently, Scaramucci expects Bitcoin price to trade above $400,000 in the long term. Meanwhile, Scaramucci went ahead to commend Larry Fink, the Chief Executive Officer of BlackRock Inc (NYSE: BLK), for making quick decisions to adopt Bitcoin and Ethereum even after publicly admitting that he was not a believer.
Bitcoin Market Outlook
Bitcoin price has significantly rebounded from the 2022 crypto bear market amid heightened demand from institutional investors and retail traders all over the world. Moreover, the majority of investors are using Bitcoin to hedge against high inflation and unpredictable geopolitical tensions. As a result, the supply of Bitcoin on centralized exchanges has continued to dwindle amid the rising supply of stablecoins, which indicates an upsurge in buying pressure. According to market data provided by on-chain intelligence platform Santiment, the supply of Bitcoin on centralized exchanges has declined since the approval of spot Bitcoin ETFs in the United States despite the $4.9 billion Bitcoin dump by Grayscale Investments.
๐ As #Bitcoin's & #Ethereum's respective supplies have continued moving off exchanges after the #ETF approvals, an interesting development has been #Tether seeing nearly 4% of its available supply come back to exchanges in 5 weeks. The increase in buying power implies
(Cont) ๐ pic.twitter.com/hQrBhZchEu
— Santiment (@santimentfeed) January 30, 2024
Nevertheless, Bitcoin and the larger crypto market still face a regulatory gap in the United States as Congress remains divided on other matters including national security, border issues, and government shutdowns amid the upcoming elections later this year. Consequently, the United States Securities and Exchange Commission (SEC) could easily continue pounding hard on crypto-related firms for issuing unregistered securities through digital assets.
Price Action and Analysis
After registering more than 160 percent since the beginning of last year, Bitcoin price is expected to slow down in the coming weeks and pave the way for a much-awaited altseason through crypto cash to rotation. Afterward, Bitcoin price is expected to rally towards a new all-time high fueled by the rising demand against a declining supply.
Anthony Scaramucci: Bitcoin Will Reach $170,000 After Halving 2024 Fueled by Institutional Demand
