The price of the leading cryptocurrency is expected to surpass $170,000 next year, according to Anthony Scaramucci, founder of SkyBridge Capital, who made the statement in Davos, as reported by Reuters.
“If bitcoin is at $45,000 during the halving, which is roughly where it is now, the asset will reach $170,000 by the middle or end of 2025. […] Wherever the price is on the day of the halving in April, multiply it by four — bitcoin will reach that level in the next 18 months,” the expert noted.
According to him, the recent decline in bitcoin’s price below $42,000 is due to investors shifting assets from the GBTC to new exchange-traded funds, approved by the SEC.
Scaramucci is confident that the market will need another eight to ten trading days to reflect the impact of the new instruments on the price of the leading cryptocurrency.
Earlier in January, amid the launch of bitcoin ETFs, the digital gold exceeded $48,000.
Previously, Tom Lee, co-founder of the analytical firm Fundstrat, predicted that the leading cryptocurrency would rise to $150,000 by the end of 2024. In his view, the asset will reach $500,000 within the next five years.