Markets
Bitcoin Price Could Hit $100,000 on Series of Positive Catalysts: Scaramucci
- Bitcoin is still on track for a major rally by the end of the year, according to Anthony Scaramucci.
- The prominent cryptocurrency bull highlighted various catalysts that could push the crypto price to 100,000.
- These catalysts include easing selling pressure, cryptocurrency refunds, and promising cryptocurrency legislation.
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Bitcoin is still on track to nearly double from current levels this year, despite the cryptocurrency’s sharp decline, according to Anthony Scaramucci.
The founder of Skyridge Capital and long-time crypto bull According to Scaramucci, there are a number of bullish factors on the horizon for bitcoin. Despite the currency’s 17% drop over the past month, bitcoin is still on track to hit $170,000 and could potentially surpass the $100,000 mark by the end of the year. CNBC in an interview on Monday.
“We still like the long-term fundamentals of bitcoin,” he added, highlighting three positive catalysts for the crypto.
1. More and more bitcoins are returning to investors.
Bitcoin investors could be on the receiving end of a wave of cryptocurrency payments — and they’re likely to pump a significant portion of it back into the market, Scaramucci said.
Mount GoxThe defunct crypto exchange that went bankrupt a decade ago is already starting to repay the $9 billion it owes to creditors and customers, the company said in a statement. statement last week.
FTXThe crypto exchange that crashed and rocked the digital asset market in 2022 is also planning to fully refund most of its depositors. return up to 16 billion dollars cryptocurrencies to investors, the exchange’s lawyers said.
About 40 to 50% of the payments could end up being reinvested in crypto, Scaramucci estimated, based on the loyalty of many “hardcore” investors from bitcoin’s early days.
“A lot of that money was in bitcoin, it was frozen in the bankruptcy, it was dollarized, unfortunately, in small amounts for bitcoin, but it’s going to come back to those account holders soon, and we think a lot of that money will come back into the asset,” he said of FTX customer deposits.
2. Bitcoin is becoming more and more mainstream.
Lawmakers have introduced a Invoice establish a regulatory framework for cryptocurrencies. This is a promising sign that bitcoin is becoming a more widely accepted form of store of value, which is optimistic for its long-term trajectory, Scaramucci said.
“Protecting digital assets, and specifically bitcoin, is at the heart of the GOP agenda,” he added. “It’s clear to me that this asset class will be acceptable in the long term in the United States.”
3. Selling pressure will eventually diminish.
Bitcoin’s price fell partly because of temporary selling pressure, Scaramucci said.
The Bitcoin Halving Eventfor example, has fueled some selling pressure among miners trying to keep profits afloat, he noted, while the Mount Gox repayments have also fueled some selling pressure from investors regaining access to their cryptocurrency investments.
The German government also unloaded several hundred million in cryptocurrencies after law enforcement seized about $2.2 billion in bitcoin from a movie piracy site in 2024. The government sent $155 Million More in Bitcoin to various cryptocurrency exchanges and market makers on Monday, according to data from blockchain analytics site Arkhan Intelligence.
Those selling pressures are likely to ease, though, Scaramucci said. That’s in line with what other cryptocurrency forecasters have predicted the coin will recover from its fall in the coming months as sellers back off.
Bitcoin edged higher on Tuesday, trading around $57,000. Despite its recent drop, the cryptocurrency is still up 29% from levels at the start of the year, reflecting more bullish sentiment among risk assets.