Anthony Scaramucci, former White House Communications Director and CEO of Skybridge Capital, shared bullish expectations about the state of the cryptocurrency market.
Anthony Scaramucci thinks this event will end the bear market
In an interview with Yahoo Finance on April 6, Scaramucci said that the crypto market has passed the bearish zone and is ready for growth.
Scaramucci’s forecast is based on the performance of Bitcoin, which is up 70% this year and outpacing equities and other assets. Despite bad market conditions and regulatory challenges, Bitcoin started the year at $16,520 and is currently trading in the $28.00 region.
Scaramucci expressed confidence in the cryptocurrency market, noting that the company’s analytical data confirms a large number of pent-up requests. He is also optimistic about the halving, scheduled for April 2024, which he believes will be a bullish catalyst.
Crypto billionaire confident Bitcoin halving will bring bulls
Halving is a process where the block reward is halved every 4 years when 210,000 blocks are created. Bitcoin’s block reward amount has gone through 3 halving cycles and is currently rewarding with 6.26 BTC. In the next halving, the reward will be reduced to 3,125 BTC.
According to the tapchibitcoin.io chart, the current block height is 784,304 and the halving progress block height is 840,000. The expected halving period is April 28 next year, with about 386 days left.
Scaramucci explained that Bitcoin has a 4-year price cycle and “if at any point you buy Bitcoin and hold it for 4 years, it will outperform any other asset.” He also acknowledged that if a major cryptocurrency exchange like Binance encounters a problem, the market could go into shock in the short term, but added that the cryptocurrency ecosystem is very resilient.
The US banking crisis could be the other catalyst the cryptocurrency market needs
Scaramucci also said in his Yahoo Finance interview that the consequences of the US banking crisis will drive more people to Bitcoin and Ethereum:
You have a regional banking crisis in the USA. There is a crisis of confidence with deposits and how the Fed will handle them. Initially it will perhaps be a slow move, but there will be a move to diversify into more cryptocurrencies, especially things like Bitcoin and Ethereum.
Scaramucci later expressed his support for Binance and its CEO, CZ, which is the focus of US regulators. In their statement, “I absolutely do not want anything to happen to Binance. But I think people should understand that the ecosystem known as cryptocurrency markets, Bitcoin, Ethereum, etc. is very resilient… Best wishes to Changpeng Zhao, CEO of Binance. I know him personally. I like CZ. I hope it solves these problems, whatever they are.”
Scaramucci’s prediction comes at a time of increasing mainstream adoption in the market
Recently, PayPal’s decision to allow its users to buy, hold and sell cryptocurrencies was seen as an important step towards wider acceptance of cryptocurrencies.
All in all, Scaramucci’s forecast is indicative of growing confidence in the cryptocurrency market despite the challenges it faces. The upcoming halving and increased general acceptance could potentially drive the market to further growth. cryptocoin.com You can take a look at the current Bitcoin technical analyzes that we have transferred from this article.
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