Skybridge Capital founder Anthony Scaramucci believes that Bitcoin (BTC) could witness a “conservative” rally of over 300% in the coming months.
In a new interview with crypto influencer Scott Melker, the hedge fund veteran says that it would not be out of the ordinary for BTC to skyrocket to $170,000 after its upcoming halving in April when miners’ rewards get cut in half.
According to Scaramucci, data shows that BTC tends to print a cycle top that’s 4x higher than its halving price.
“You mentioned my $170,000 prediction… That’s a data-dependent prediction. Go back and look at Bitcoin halving cycles. The day that Bitcoin halves, multiply it by four 18 months later and it’s been uncanny that that’s been the price of Bitcoin.
I’m using a $35,000 number at the halving and that’s conservative… Let’s say we’re at $50,000 in April, then it’s a $200,000 handle. Let’s say we’re at $60,000, it will be $240,000.”
Scaramucci also predicts that in the long term, Bitcoin’s price will hover close to half a million dollars.
“But my long-term price target is that Bitcoin gets to easily half of the market capitalization of gold. Gold is now at $14.5 trillion. If Bitcoin goes to $7 or $8 trillion, that’s a 10x from here. It’s a $400,000 Bitcoin, and I think it would be ridiculous for people not to understand the asset, not to understand the dynamics of it as a store of value and not to have a position.”
At time of writing, Bitcoin is worth, $42,478.
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The post Hedge Fund Veteran Anthony Scaramucci Says Bitcoin Will Skyrocket to $170,000 After the Halving – Here’s Why appeared first on The Daily Hodl.
