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The decision on the Spot Bitcoin ETF, which turned into a long and drawn-out saga, led to sharp declines in the crypto world, disappointing many who expected a rise. Despite the downward trend, there is a significant number of people hopeful for a pre-halving surge.
Bitcoin Price After the Halving
Anthony Scaramucci of SkyBridge has once again commented on Bitcoin. According to him, Bitcoin (BTC) could rise above $170,000 by 2025, powered by the upcoming 2024 halving, a prediction he says is backed by data.
Scaramucci detailed his prediction about the post-halving BTC price movements, noting that it aligns with data from past halving events and subsequent price actions.
He added that when the Bitcoin halving occurs in April 2024, the crypto market will face challenges in the cycle before the anticipated rise.
If you look back at the data from previous Bitcoin halvings, the price quadruples 18 months after the event.
Based on this, if Bitcoin’s price is at $35,000 before the halving, it could rise to $170,000 after approximately 18 months. Alternatively, if the price is at $50,000 at the time of the halving, Bitcoin could trade at a level of $200,000.
Scaramucci also commented on the SEC Chairman Gary Gensler’s situation, highlighting the legal victories Grayscale and Ripple might achieve against the agency in 2023, indicating a potentially more troubled state than expected.
In the Grayscale case, which ignited the debate over ETF acceptance, the judge stated that the SEC’s practices in rejecting the conversion of Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF were “arbitrary and capricious.”
What Will Be the Price of Bitcoin?
According to Scaramucci, the long-term potential rise for BTC could be 10-fold. For this prediction to materialize, the total Bitcoin market value would need to reach at least half of gold’s current market value of $14.50 trillion.
Therefore, for BTC to potentially reach a market value of $7 trillion, its current price would need to increase tenfold.
It would be absurd for people not to understand the dynamics of the asset as a store of value.
Additionally, at the time of writing, the price of Bitcoin (BTC) was trading just above $39,600, with an increase of 1.21%.
