Skybridge Capital founder Anthony Scaramucci is doubling down on his ‘conservative’ six-figure price prediction for Bitcoin (BTC).
In a new interview with Bloomberg Television, the hedge fund veteran says he continues to believe the crypto king could hit a cycle top of at least $170,000 months after the April halving, which will halve miners’ rewards.
“So this could go up because there’s a lot of momentum right now. You see that the network is only producing 900 coins per day and you know that there is twelve times that demand right now, and that is why you are seeing upward price pressure. So I’m sticking with that price forecast just because I think it’s conservative based on where we are now.”
Scaramucci says his prediction is based on Bitcoin’s historical price pattern, which shows that Bitcoin tends to move to a cycle top 4x from its value at the time of a halving.
“There is a technical analysis you can make over the past fourteen years. The price at the time of the halving, if you multiply that by four, is generally where Bitcoin has gone in that cycle. And so for April I only used a $50,000 number.
Scaramucci also predicts that the U.S. Securities and Exchange Commission (SEC) will not approve several applications to launch spot Ethereum (ETH) exchange-traded funds (ETFs) in May, forcing a lawsuit.
“I think [SEC Chair Gary Gensler’s] decided that the political power brokers in the elite don’t like crypto, they don’t like the energy around Bitcoin, and I don’t think they want an ETF for Ethereum. And so that May decision, I think, is being pushed through. I think this will cause another lawsuit.
He will probably lose that lawsuit. And then you get into the election and so the real question is: In a new Joe Biden administration, will Mr. Gensler become the SEC chairman? I suspect he probably won’t be there at that time.’
Bitcoin is trading at $52,006 at the time of writing, down slightly in the past 24 hours.
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