Bitcoin News: Crypto insider sees BTC price soon at USD 170,000. Buy now?
4 min readThe last few weeks have been quite difficult for crypto investors interested in Bitcoin (BTC) . On the one hand, the hype surrounding the BTC spot ETFs, which were approved for the US stock exchange market, caused a significant boost in the entire crypto market before the actual approvals. But once the approvals were granted by the US Securities and Exchange Commission (SEC), the BTC price fell quite quickly after some Grayscale investors liquidated their Bitcoin bonds.
However, for a few days now, this liquidation seems to have reduced noticeably, so that the BTC price even recorded an increase of 11.01% in the last week. Now the first crypto experts are daring to make quite bullish predictions for the coming weeks and months. A crypto insider even explains that the BTC price will rise to unprecedented heights once a certain event occurs.
Bitcoin after the halving – what price level is realistic?
SkyBridge Capital is a global investment firm based in New York City. The company was founded, among others, by Anthony Scaramucci, who is currently known as a hedge fund manager, but briefly worked as communications director in the White House under Donald Trump in 2017. He is now intensively involved in the crypto world and recently explained in an interview that the Bitcoin price will rise rapidly in the near future.
In the interview, Scaramucci discussed, among other things, the Bitcoin halving that will take place next April. This process occurs automatically approximately every four years – or more precisely, every 210,000 BTC blocks – and halves the reward that BTC miners receive. This is currently 6.25 BTC per block and will be reduced to 3.125 BTC per block after the upcoming halving.
Scaramucci explains that such a BTC halving has caused the Bitcoin price to rise significantly every time since the cryptocurrency was introduced in 2009. This is what he said in the interview:
“Go back and look at the Bitcoin halving cycles on the day BTC halves, multiply that by four 18 months later, and it was eerie that that was the price of BTC.”
Here he refers to the historical data and draws from it the possibility that, according to his BTC forecast , the price of the world’s largest cryptocurrency could increase to $170,000 or more just a year and a half after the halving.
Current Bitcoin price as a trend barometer for BTC halving?
At the time of publishing this article, Bitcoin is trading at $42,933.49. This corresponds to an increase of at least 1.68% in the past 30 days. This is interesting because the BTC price did not rise sharply as expected after the SEC approved the first BTC spot ETFs for the US market. Instead, the price even briefly fell to levels below $39,000.
However, Scaramucci didn’t end his BTC forecast with his bullish prediction for 2025. Instead, he explained that Bitcoin could even rise to a whopping $400,000 per token – at least if Bitcoin’s market capitalization increases to half that of gold would.
Gold currently stands at around $14.5 trillion, while Bitcoin currently has a market capitalization of over $851 billion. However, if the BTC token also rises to $7 or $8 trillion, it would represent a 10-fold increase in value for the world’s largest cryptocurrency.
However, Scaramucci does not give a time frame for this huge increase in value. So it is of course questionable whether and when this increase in market capitalization will happen. However, an important factor here could be the BTC spot ETFs. These have not only been introduced on the US market, but could also soon generate strong inflows on the particularly fast-growing Chinese market.
Greater acceptance of Bitcoin among institutional investors
An important step towards ensuring that BTC could actually record significant price gains in the future was initiated by Larry Fink. According to Scaramucci, the CEO of BlackRock – the largest financial institution in the world – has not been a fan of Bitcoin for a long time and even resisted submitting an application for a BTC spot ETF for a long time.
However, after Fink had delved deeper into BTC, he was now “ a fan of Bitcoin ,” which led to BlackRock creating a real run on Bitcoin ETFs with its application last year. Scaramucci was also extremely impressed by the 180-degree turnaround that Fink had made:
“It takes a very smart leader to proudly say BTC sucks and then 24 months later say, ‘You know what? I misunderstood that. BlackRock has to be a part of it and BlackRock has to have a significant part in it.”
This clearly shows that BTC and cryptocurrencies in general are finding increasing acceptance among financial institutions. Bitcoin in particular, as the leading crypto coin on the market, is the pioneer for crypto ETFs for good reason. While BlackRock has already submitted an initial application for an Ethereum spot ETF, further crypto ETF applications could follow in the coming months and years.
