Skybridge Capital founder Anthony Scaramucci is doubling down on his “conservative” six-figure price prediction for Bitcoin (BTC).
In a new interview with Bloomberg Television, the hedge fund veteran says that he continues to believe that the crypto king could hit a cycle top of at least $170,000 months after the halving event in April which cuts miners’ rewards in half.
“So this could run up because there’s a lot of momentum right now. You guys are seeing that the network is only producing 900 coins a day and you know you’ve got 12 times the demand of that right now, which is why you’re seeing a price squeeze to the upside. So I’m going to stick with that price prediction only because I think it’s conservative based on where we are right now.”
Scaramucci says that his prediction is based on Bitcoin’s historical price pattern, which shows Bitcoin tends to move 4x to a cycle top from its value at the time of a halving event.
“There’s a technical analysis that you can do over the past 14 years. The price at the time of the halving, if you multiply that by four, that’s typically where Bitcoin has run to in that cycle. And so I was just using a $50,000-ish number for April.”
Scaramucci also predicts that the U.S. Securities and Exchange Commission (SEC) will not approve various applications to launch spot Ethereum (ETH) exchange-traded funds (ETFs) in May, forcing a lawsuit.
“I think [SEC Chair Gary Gensler’s] decided that the powers that be politically in the elite don’t like crypto, they don’t like the energy around Bitcoin, and I don’t think they want an ETF for Ethereum. And so that May decision I think gets pushed. I think it causes another lawsuit.
He’ll likely lose that lawsuit. And then you’re coming up against the election and so then the real question is will Mr. Gensler in a new Joe Biden administration, will he be the SEC Chairman? My guess is he probably won’t be at that point.”
Bitcoin is trading for $52,006 at time of writing, down slightly in the last 24 hours.
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