Former White House Official Predicts Bitcoin Could Reach $170,000 After Halving Event

Anthony Scaramucci, the founder of SkyBridge Capital, has made bullish predictions about Bitcoin’s potential trajectory, suggesting a “conservative” increase of more than 300% in the coming months, with a possible peak of $170,000 after the halving in April, based on historical data. Scaramucci also foresees a long-term scenario where BTC could reach $400,000 and potentially near half of gold’s market capitalization, which would represent a 10x increase.

Despite the recent fluctuations, the top crypto’s resilience and long-term potential continue to attract investors and enthusiasts. Other experts, such as ARK Invest CEO Cathie Wood, have also made bullish predictions, with some foreseeing its price reaching $1.5 million by 2030 in a bullish scenario.

Bitcoin To Climb After Halving, Scaramucci Says

Drawing on his experience and analysis, Scaramucci approximated that the peak period for Bitcoin would occur approximately 18 months after the halving event. He predicted that Bitcoin could witness a “cycle top” that is four times higher than its halving price.

Using a conservative estimate of $35,000 at the halving, Scaramucci outlined potential scenarios: if Bitcoin hits $50,000 in April, it could reach $200,000, and at $60,000, it could soar to $240,000.

Scaramucci’s positive predictions reflect his confidence in Bitcoin’s long-term potential. He even envisions the digital asset nearing half of gold’s market capitalization, which currently stands at $14.5 trillion. If BTC were to reach $7 or $8 trillion, Scaramucci believes this would represent a remarkable tenfold increase.

Addressing the timing of Bitcoin’s potential new all-time high, Scaramucci exercised caution, refraining from providing a specific timeline. He emphasized the importance of conducting thorough research and carefully considering the inherent risks before making investment decisions in the cryptocurrency market.

BTCUSD currently trading at $42,063 on the daily chart: TradingView.com

The recent approval of several Bitcoin spot ETFs by the Securities and Exchange Commission (SEC) in the US has also underscored BTC’s increasing popularity and acceptance. 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.

BTC Breaches $42 Level

At the time of writing, Bitcoin was trading at $42,540, demonstrating resilience amid market fluctuations. This, coupled with its long-term growth potential, continues to attract both investors and enthusiasts alike.

Despite the market fluctuations, many crypto investors remain optimistic about the leading coin’s prospects. Price predictions for this year range from over $100,000 to as high as $250,000, with BTC recently surpassing $49,000 following the approval of spot ETFs for trading on US exchanges.

As Bitcoin’s future remains uncertain, the market is eagerly awaiting the outcome of the halving event and closely following the impact of Bitcoin ETFs on the digital asset’s price and market dynamics

Featured image from Getty Images, chart from TradingView

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