Anthony Scaramucci believes bitcoin will climb back to $100,000
Bitcoin is going to move back to $100,000, but it might take up to 18 months for the catalyst to align, according to Anthony Scaramucci.
The SkyBridge Capital founder told CNBC’s Squawk Box on Tuesday that “this is clearly a bitcoin bear market,” in response to the point that the price has not really moved much over the past months.
Scaramucci says $100,000 BTC might take a while
Scaramucci said bitcoin has been stuck in its narrowest volatility band in five years for about nine weeks now, with prices roughly flat since the war in Iran started in February.
He offered three explanations for the consolidation, which include miners redirecting computing power to AI, capital flight into AI stocks, and bitcoin’s four-year market cycle.
Despite all of these, Scaramucci pointed out that bitcoin has shown more resilience than in the past bear markets. He put the current market drawdown at roughly 55%, well short of the typical 75% to 80% collapses that defined earlier cycles.
“That’s actually a good sign that there’s a lot of net buyers going into the next bull phase of bitcoin,” Scaramucci told CNBC.
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