Bitcoin Could Reach $200K, Says SkyBridge’s Anthony Scaramucci – Aiming for Gold’s Market Cap

Anthony Scaramucci of SkyBridge Capital has made a bold Bitcoin price prediction: it will soon reach $150,000 to $200,000.

Scaramucci's forecast is based on the growing number of Bitcoin wallets, which are now nearing 1 billion. The prominent Bitcoin OG remains bullish despite Bitcoin's recent struggles as it slips back to the $55,000 region.

Scaramuccia's Bitcoin Price Prediction

Anthony Scaramucci, co-founder of SkyBridge Capital, has forecasted that Bitcoin's price could climb to between $150,000 and $200,000. Given its current price of $56,690, this target represents an increase of more than 180%.

Scaramucci made this prediction in an interview with the Schwarb network on September 4. He argues that Bitcoin's value could rise as it increasingly mirrors gold's role as a store of value.

Bitcoin's market cap currently stands at $1.119 trillion, while gold's is about $17 trillion. Therefore, Scaramucci believes that Bitcoin's market value might eventually approach gold's.

With the increasing adoption rate of the crypto market, Bitcoin will likely hit gold market value soon.

Bitcoin Wallets Increase Despite Regulatory Hurdles

Bitcoin wallets have seen significant growth recently. According to Chainalysis, there were over 460 million Bitcoin wallets as of March 2024.

Notably, 10% of these wallets hold at least $1. Scaramucci points out that this growing number of wallets indicates increased adoption of Bitcoin. Moreover, according to data from bitinfochart, there are 78 million Bitcoin wallets with at least $1, showing a strong interest in cryptocurrency.

Scaramucci has also addressed the impact of regulatory challenges on cryptocurrency growth. He criticizes the US Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for their regulation-by-enforcement" approach.

He believes this strategy has slowed the adoption of digital assets. Also, he links this to the collapse of FTX and the connections its founder, Sam Bankman-fried, had with key figures (Gary Gensler and Elizabeth Warren).

In 2022, John E. Deaton, founder of CryptoLaw, accused Gensler of meeting with Sam Bankman-Fried (SBF) before the exchange's collapse.

Here is the message:

The SEC's job is to protect investors, but Gary Gensler as chairman has failed to protect retail digital asset holders over and over. https://t.co/Ra0og5yE5y

- John E Deaton (@JohnEDeaton1) November 10, 2022

Scaramucci suggested that these relationships might have contributed to the ongoing regulatory crackdown on cryptocurrencies.

Other Analysts Are Bullish on BTC

Several crypto analysts are optimistic about Bitcoin's price recovery as the bearish summer chop" seems to be nearing its end. Summer has historically been a tough period for Bitcoin, and 2024 followed the same trend.

In a recent analysis, crypto analyst Jelle believes Bitcoin's decline could end soon. He compares this year's trend with 2023, when the summer chop" lasted 219 days.

Day 190 of chop-season today.

The previous summer chop lasted for 219 days, after which price more than doubled in the months that followed.

If this chop-season lasts as long as the previous one, it will end around the start of October.#Bitcoin pic.twitter.com/dXYMVCbmM9

- Jelle (@CryptoJelleNL) September 4, 2024

According to Jelle, the current bearish phase has lasted 190 days, meaning it might last just another month. He predicts that Bitcoin could see an upward rally by October.

The analyst stated, If this chop season lasts as long as the previous one, it will end around the start of October."

Other analysts share a similar outlook. Credible Crypto, a well-known analyst on X, recently pointed out that Bitcoin has reached a critical downside target. He explained that the cryptocurrency's recent dip below $57,000 could pave the way for a relief rally.

Didn't get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.

Nice wipe on OI here but no immediate signs of buyers stepping in just yet.

Let's see how things... https://t.co/L3nS2jWdS6 pic.twitter.com/pkXeX53qCy

- CrediBULL Crypto (@CredibleCrypto) September 4, 2024

Also, Bitcoin's price decline led to a massive reduction in open interest (OI) across the market. Credible Crypto suggests this wipe could benefit Bitcoin's price recovery, although buyers have yet to enter.

Nice wipe on OI here, but no immediate signs of buyers stepping in just yet," the analyst commented. However, he remains hopeful that the market is now set for an upward move.

Bitcoin analysts are increasingly bullish, with many expecting the downtrend to end soon and a price rally to follow in the coming months.

The post Bitcoin Could Reach $200K, Says SkyBridge's Anthony Scaramucci - Aiming for Gold's Market Cap appeared first on The Tech Report.