We often get different answers to the question of how much Bitcoin will be worth. Ultimately, everyone has a prediction. Skybridge Capital’s founder Anthony Scaramucci has doubled his exhilarating six-figure price prediction for Bitcoin (BTC). Scaramucci foresees a bright future for Bitcoin. There are also evaluations for Ethereum ETFs.
How Much Will Bitcoin Be Worth?
In a new interview with Bloomberg Television, hedge fund veteran Scaramucci continues to believe that the flagship cryptocurrency could reach a cycle peak of at least $170,000 months after the April halving event, which cut miners’ rewards in half. Scaramucci’s highlights are as follows:
“This is Bitcoin. It can certainly rise. Because there is a lot of momentum right now. You see the network only producing 900 BTC per day. There is currently 12 times more demand than that. This demand creates an upward price squeeze. That’s why I will stick to this price prediction because I think my $170,000 estimate is quite reasonable based on where we are now.”
Scaramucci says his prediction is based on Bitcoin’s historical price model and shows that Bitcoin tends to move four times its value during a halving event to a cycle peak:
“There is a technical analysis you could have done over the last 14 years. If you multiply the price at the moment of halving by four, you generally see where Bitcoin goes in this cycle. I was using a figure like $50,000 for April.”
Ethereum ETFs
Scaramucci states that the US Securities and Exchange Commission (SEC) will not approve various applications to launch spot Ethereum (ETH) exchange-traded funds (ETFs) in May and that this will ultimately result in a lawsuit against the agency:
“I think the political powers that exist in the elite, including SEC Chairman Gary Gensler, have decided they don’t like crypto, they don’t like the energy around Bitcoin, and they don’t want an ETF for Ethereum. Therefore, I think a lawsuit will be filed against the SEC following the decision in May.
They will probably lose that lawsuit. Elections are approaching, and the real question is: Will Gensler be the SEC Chairman in a new Joe Biden administration? My guess at that point is probably not.”
Bitcoin is trading at $51,804 at the time this article was written. BTC has experienced a slight decline in the last 24 hours.
