Author: Tom Mitchelhill, CoinTelegraph; Translated by: Deng Tong, Golden Finance
SkyBridge Capital CEO Anthony Scaramucci said bitcoin has plenty of “room to run” from its current price of $69,000 and could one day trade at about half the value of the total global gold market.
In an April 6 interview with CNBC, Scaramucci predicted that Bitcoin could reach a high of $170,000 during this cycle, adding that most of the asset’s price appreciation will occur over longer time frames.
“I’m just saying it could trade at maybe half the valuation of gold, which is about six to eight to 10 times what it’s currently priced at.”
“It’s not going to happen overnight and there will be a lot of volatility,” he added.
Bitcoin’s current market cap is $1.35 trillion, while gold’s total value is $15.8 trillion. If Bitcoin were to trade at half the price of gold, its market cap would need to grow roughly six times — which would result in a price per Bitcoin of around $400,000.
Scaramucci described the 10 recently approved spot Bitcoin ETFs as a “sales machine,” and he believes that these products will only continue to spur increased demand for crypto assets from both retail and institutional investors.
Currently, the 10 products of spot Bitcoin ETFs (excluding Grayscale) have net inflows worth more than $12 billion. In comparison, when the gold ETF (GLD) was launched in November 2004, it took nearly a year to achieve inflows of $10 billion.
Like many other market commentators, Scaramucci believes the upcoming Bitcoin halving, currently scheduled for April 20, is a major catalyst for Bitcoin price appreciation in the short term.
Scaramucci also added that he “really likes” Solana, noting that SkyBridge Capital holds smaller positions in SOL, Avalanche, Algorand, and several other tokens.
Meanwhile, technical analysts have made similarly bullish predictions for Bitcoin’s price action in the months following the halving.
Anonymous analyst TechDev told his 440,000 followers on X that Bitcoin has closed above the upper Bollinger Band for two consecutive months.
They added that every time Bitcoin has done this in the past, its price doubled in the following three months.
Source: TechDev
In technical analysis, Bollinger Bands are a tool to measure the momentum and volatility of an asset within a certain range. Typically, when the price hits the upper band, it may indicate an overbought signal, while hitting the lower band indicates that the asset is oversold.
During the peak of bull and bear markets, these indicators can often differ significantly.
Ripple CEO Brad Garlinghouse also joined the bullish forecast, predicting that the entire cryptocurrency industry will double in value by the end of the year.
Ripple CEO: Cryptocurrency market cap will reach $5 trillion
In a CNBC report on April 7, Garlinghouse predicted that the entire cryptocurrency industry will be worth $5 trillion by the end of this year, predicting that the upcoming halving, regulatory developments, and the growing popularity of Bitcoin ETFs will have a continued positive impact on the cryptocurrency industry.
“I’ve been in this industry a long time, and I’ve seen these trends come and go,” Garlinghouse said.
“I’m very optimistic. I think the macro trends, the big picture like ETFs, they’re driving real institutional money for the first time.”
