After SkyBridge’s Anthony Scaramucci predicted that Bitcoin (BTC) Price could move all the way to over $170,000 by 2025 thanks to the Halving, he explained further that it was a data dependent prediction.

Also Read:  Terra Classic L1TF Core Security Upgrade Proposal Up For Vote, LUNC Price Soars 8%

BTC Price After Bitcoin Halving

Elaborating his prediction for BTC Price after the Halving, he said it had to with the past data around the Halving events and the price movements that followed. Scaramucci added that by the time Bitcoin Halving is completed sometime around April 2024, the crypto market would be witnessing the exigencies of the market cycle.

“If you go back to the previous (Bitcoin Halving) data, the price multiplies by 4 times 18 months after the event.”

Hence, assuming that the Bitcoin price is $35,000 around the event, it could reach $170,000 around 18 months later, he explained. Similarly, he forecasted a $200,000 price for the top cryptocurrency if it is at $50,000 when Halving occurs.

Scaramucci said US SEC Chair Gary Gensler might be aghast that Grayscale and Ripple took it to him, referring to the legal setbacks the agency faced in the two lawsuits in 2023. In the Grayscale lawsuit, the judge called the SEC’s treatment of the application for conversion of Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF as “arbitrary and capricious.”

Bitcoin Long Term Target

Scaramucci predicted a 10X multiplication from the current price range for BTC in the long term. This is based on the estimation that the total Bitcoin market cap reaches at least half that of Gold, which is at $14.50 trillion. Hence, if BTC were to reach a market size of $7 trillion, it would need a price jump by 10 times the current price. “It would be ridiculous for people to not understand the dynamics of the asset as a store of value.”

Also Read: Important Updates of Ripple (XRP) Lawsuit: When It Will End?

✓ Share:

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.