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Bitcoin’s Price Crosses $65K, But Anthony Scaramucci Says $100K Catalyst Could Be 20 Months Away
Bitcoin’s (BTC) price crossed $65,000 on Tuesday morning, while SkyBridge Capital founder Anthony Scaramucci said he still expects the apex cryptocurrency to hit $100,000, but the next catalyst might be 20 months away.
Bitcoin’s (BTC) price crossed $65,000 on Tuesday morning, while SkyBridge Capital founder Anthony Scaramucci said he still expects the apex cryptocurrency to hit $100,000, but the next catalyst might be 20 months away.
In an interview with CNBC, the former White House Communications Director tied his bullish long-term view directly to that halving cycle. "As the halving cycle comes in again, and we cut the supply of coins again, it will tighten price, and I think you'll see the thing move back up over 100,000," he said.
Scaramucci added that Bitcoin is in "a clear bear market," but noted that the asset has only fallen about 55% from its highs, compared to 75% to 80% drawdowns in prior cycles over his 37 years of investing experience. “So weirdly, you could take a position where that's actually a good sign that there's a lot of net buyers going into the next bull phase of Bitcoin,” he said.
Bitcoin Crosses $65K For The First Time In Over A Week
Bitcoin’s price rose 1.7% in the last 24 hours to cross $65,000 in intra-day trade, marking an over one-week high, before dipping to around $64,700. This is not the first time the apex cryptocurrency has crossed $65,000 only to face heavy resistance and fall back lower.
Bitcoin was among the top trending cryptocurrencies on Stocktwits at the time of writing. Retail sentiment around BTC trended up to ‘neutral’ from ‘bearish’ territory over the past day, with chatter steady at ‘normal’ levels.
The apex cryptocurrency was also outperforming U.S. equities on Tuesday morning. The SPDR S&P 500 ETF (SPY) was down 0.63%, the SPDR Dow Jones Industrial Average ETF (DIA) fell 0.14%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) dropped over 1.8%.
According to Glassnode, Bitcoin has outperformed the S&P 500 on only about one-third of trading days over the past three months. Bitcoin outpaced equities on Monday, rising 2.3% while the S&P 500 edged 0.4% lower. If gains hold, this would be Bitcoin’s second straight session leading the broader market.
What’s Holding Bitcoin’s Price Back?
According to Scaramucci, Bitcoin has been trading in an unusually tight range and has seen "the tightest volatility band that it's been in in the last five years" over the past nine weeks.
He attributed the stagnation to three factors. First, Bitcoin miners have redirected compute power toward AI infrastructure, disrupting hash rate in a way he said "muted" volatility. Second, capital has flowed out of Bitcoin and other cryptocurrencies into AI investments instead. Third, and most significant to his framework, Bitcoin is approaching the tail end of what four-year-cycle believers would call a bear market, with the next halving still roughly 20 months away.
Scaramucci added that the timing of the Digital Asset Market Clarity Act (CLARITY) is unlikely to be a near-term driver of Bitcoin’s price. He said the legislation could be “a very big boon” for the cryptocurrency industry over the longer term, but does not expect its passage in September, or even a potential Senate floor vote, to immediately change Bitcoin’s market trajectory.
