Anthony Scaramucci, CEO and founder of SkyBridge Capital, thinks Bitcoin can reach $170,000 after the hotly-anticipated BTC mining rewards halving event in April 2024.
Scaramucci Convinced About Bitcoin Hitting $170,000 After Halving
According to hedge fund legend Anthony Scaramucci, Bitcoin is likely to break new all-time highs in the coming months and go all the way up to $170,000.
In a recent interview with crypto podcaster Scott Melker, the Skybridge Capital founder and managing partner suggested that it would not be surprising for the flagship crypto to jump by over 300% after the block subsidy halving. After the April halvening, the number of Bitcoin entering circulation every 10 minutes will be slashed by half, from 6.25 BTC to 3.125 BTC.
Scaramucci noted that a potential meteoric rally will be largely thanks to historical trends. According to him, data indicates that Bitcoin tends to register 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,” Scaramucci postulated.
Bitcoin has in fact gone on a tear in the months after every halving event so far. Case in point, roughly six months after BTC’s second halving in 2016, the ascendant crypto breached the $1,000 region for the first time. A similar bull run ensued in 2020 when BTC registered a new historic high.
Scaramucci suggests a conservative scenario, where if BTC is valued at $35,000 at halving, it could hit $200,000. If it is trading for $60,000, the price would zoom to $240,000.
At the time of writing, Bitcoin is changing hands for $43,180 per coin, according to data from CoinGecko. It has risen 3.4% in 24 hours and 7.8% over the past week.
Looking beyond short-term forecasts, Scaramucci is even more optimistic about the price performance of Bitcoin in the long term. He suggests that BTC could easily attain half the market capitalization of gold, taking the price to an eye-watering $400,000.
BTC Bulls Can Expect Huge Gains
Scaramucci is far from alone in predicting sky-high Bitcoin valuations in the next few months.
Among the optimistic forecasts include Blockstream CEO Adam Back, who believes BTC will cross the $100,000 threshold before the next halving.