Scaramucci Predicts Bitcoin Between $50k-$100k In 2 Years• January 16, 2023 5:32 pm • Comments
As many investors are trying to figure out where are we in the current market cycle, Skybridge Capital’s Anthony Scaramucci made a pretty optimistic forecast.
So far, many investors like Scaramucci are cautious about the year 2023 due to the fact that interest rates may continue to steadily rise and the general economic conditions.
Therefore, many are predicting that 2023 is actually a year of ranging price action where the price fails to push any lower, but also cannot break into new highs due to a lack of new inflowing capital.
But the general sentiment is that there isn’t much of a downside anymore and that a bottom may have already occurred with the small chance that it could go down to around $12k one final time before rebounding.
The chief strategy officer of CoinShares, Meltem Demirors, predicted that the ranging price action will be between $15k to $30k before a possible bull run starts in 2024.
Anthony Scaramucci sees 2023 as a recovery year for Bitcoin, and says it will be back at $50k to $100k in 2 or 3 years.
Do you think he's right? pic.twitter.com/GSdaPS4snF
— Genevieve Roch-Decter, CFA (@GRDecter) January 16, 2023
She said a lot of the “forced selling” that happened in 2022 as a result of collapses in the market is now over, but there isn’t much new money coming into bitcoin.
“I don’t think there’s a lot of forced selling remaining, which is optimistic,” Demirors told CNBC Friday. “But again, I think the upside is quite limited, because we also don’t see a lot of new inflows coming in.”
Investors are also keeping one eye on the macroeconomic situation.
Bitcoin has proved to be closely correlated to risk assets such as stocks, and in particular, the tech-heavy Nasdaq.
These assets are affected by changes in interest rates from the Federal Reserve and other macroeconomic moves. Last year, the Fed embarked on an aggressive interest rate hike path to try to tame inflation, which hurt risk assets along with bitcoin.
One important thing to remember is that the next Bitcoin “halving” will happen sometime in 2024.
If you look at the data in BTC’s history, this halving event has always preceded the next bull run which makes sense since a halving event means that it lowers the supply of Bitcoin available in the market.
Therefore, if demand remains consistent or increases, the price will go up because the supply of BTC will only continually go down.
Scaramucci makes the prediction that 2023 is the recovery year for Bitcoin and most major cryptos which may be potentially followed by the next bull run after.
The only thing that experts on debating is the exact timing as most forecasts are vague even by these large financial institutional investors.
— Sheyoume Nikemotors (@Alireza71725000) January 16, 2023
“You are taking on risk but you’re also believing in [bitcoin] adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years,” Scaramucci said.
Tai meanwhile said the beginning of a bull run is “probably a year away,” saying the after effects of the FTX collapse might continue to be felt for another six to nine months.
Jean-Baptiste Graftieaux, global CEO of cryptocurrency exchange Bitstamp, told CNBC last week that the next bull run could come over the next two years, citing rising interest from institutional investors.
However, Demirors warned that the events over 2022 “have caused tremendous reputational damage to the industry and to the asset class,” adding that “it will take some time for that confidence to return.”
— DO Good Everyday (@wdoge_) January 16, 2023
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