SkyBridge founder: Bitcoin’s fair market price is currently around $40,000

The founder of SkyBridge Capital crypto fund, Anthony Scaramucci, is confident that the two most popular crypto coins are fundamentally undervalued and technically oversold. According to the expert, the worst on the market happened when the Three Arrows, Celsius and Voyager projects went bankrupt.

“Bitcoin may fall, but I don’t think it will fall below the low it has reached in the current cycle: $17,500. Based on metrics based on adoption, wallet size, use cases, and wallet growth, Bitcoin’s fair market value is now around $40,000,” Scaramucci said.

The expert believes that the fair value of Ethereum should be about $2,800. Scaramucci noted that when new capital enters the fund, its managers prefer to invest in bitcoins and ethers.

“Therefore, we see that these assets are fundamentally undervalued and technically oversold. Again, they are volatile. I suppose the problem is that investors should look at these assets through the prism of 4–5 years,” the expert said.

Given the macroeconomic uncertainty, the crypto enthusiast does not expect a sharp rise in BTC. At the same time, Scaramucci believes that the most serious inflation in the last 40 years will soon end. Analysts are already recording a slowdown in consumption.

The SkyBridge founder believes that there will likely be a relatively small recession, as people have significant savings, and there are more vacancies in the labor market than people who are looking for a job.

According to a survey by Cumberland among its clients, many respondents believe that the price of the main crypto coin could fall to $16,000 this year. At the same time, a serious rebound to $32,000 is predicted, which could also occur this year.

“It is very striking that the most common response to both positive and negative catalysts is the Fed’s move,” the report says.

What do you think about the rates of the most popular crypto coins?