Skybridge Capital founder Anthony Scaramucci believes 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 it wouldn’t be unusual to see BTC rise to $170,000 after the upcoming halving in April, when miner rewards are cut in half.
According to Scaramucci, data shows that BTC tends to print a cycle top four times higher than the halving price.
“You mentioned my $170,000 forecast… That’s a data-dependent forecast. Go back and look at Bitcoin’s halving cycles. The day Bitcoin halves, multiply it by four eighteen months later and it’s uncanny that that’s what Bitcoin’s price has been.
I use a number of $35,000 at the halving and that is conservative. Let’s say we’re at $50,000 in April, then that’s $200,000. Let’s say we’re at $60,000, then it becomes $240,000.”
Scaramucci also predicts that Bitcoin’s price will hover close to half a million dollars in the long term.
“But my long-term price target is for Bitcoin to easily reach half the market cap 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 if people didn’t understand the asset, didn’t understand the dynamics of it as a store of value and didn’t take a position.”
At the time of writing, Bitcoin is worth $42,478.
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