Anthony Scaramucci said that the cost of Bitcoin in this “bullish cycle” will be $170,000

2 min readApr 9, 2024

Bitcoin has updated its April high. According to analysts at QCP Capital, bullish sentiment remains among crypto market participants amid the upcoming halving. Previously, the price of BTC exceeded $72,000, but then began to decline.

Experts believe that halving could significantly increase the demand for Bitcoin. QCP Capital also pointed out the influx of funds into BTC-ETF and announced information that Citadel, Goldman Sachs, UBS and Citi have joined BlackRock. Financial giants will take on the role of broker-dealers who will create and redeem ETF shares.

And Skybridge Capital CEO Anthony Scaramucci is confident that the cost of the main digital coin in this “bullish cycle” will be $170,000. Moreover, if we consider a more distant future, the asset will continue to grow, Scaramucci believes.

The crypto enthusiast suggested that Bitcoin’s capitalization could reach half that of gold, that is, it will grow 6 or even 8 times from current levels.

Bitcoin’s capitalization is $1.3 trillion, and gold’s is $15.8 trillion. That is, if the first crypto coin reaches half the capitalization of the precious metal, then the price of BTC could approach $400,000.

Anthony Scaramucci called Bitcoin ETFs “selling machines.” In his opinion, the launch of spot funds will only spur interest in Bitcoin from both retail investors and institutions.

Cryptanalyst Ali Martinez noted that the growth of the BTC rate instills optimism in market participants. At the same time, the expert warns of possible large-scale liquidations when the main crypto asset reaches the level of $71,000.

According to Coinmarketcap data, the cost of Bitcoin is about $70,600. Over the past 7 days, the cryptocurrency has risen in price by almost 7%.

“The large number of potential military-technical cooperation sellers puts enormous pressure on the market. It is expected that as the market value of Bitcoin approaches $71,000, the market will face the first liquidations at around $72,000,” the expert believes.

Do you agree with this opinion?