Hedge fund veteran Anthony Scaramucci says Bitcoin will rise to $170,000 after the halving – here's why

Anthony Scaramucci, founder of Skybridge Capital, believes Bitcoin (BTC) could see a “conservative” rally of over 300% in the coming months.

In a new interview with crypto influencer Scott Melker, the hedge fund veteran says it wouldn't be unusual to see BTC rise to $170,000 after the upcoming April halving, which would see miners' rewards cut in half.

According to Scaramucci, the data shows that BTC tends to reach a cycle high four times higher than its halving price.

“You mentioned my $170,000 forecast… That’s a data-dependent forecast. Go back and look at Bitcoin halving cycles. The day Bitcoin halves, multiply it by four 18 months later, and it's scary that the price of Bitcoin was that high.

I'm using a number of $35,000 for the halving, and that's conservative… Let's say we're at $50,000 in April, then the value will be $200,000. Let’s say we’re at $60,000, it’s going to be $240,000.”

Scaramucci also predicts that the price of Bitcoin will hover around half a million dollars in the long term.

“But my long-term price target is for Bitcoin to easily reach half the market cap of gold. The price of gold is currently $14.5 trillion. If Bitcoin goes to $7 or $8 trillion, that's a tenfold increase from here. It’s a $400,000 Bitcoin and I think it would be ridiculous if people didn’t understand the asset, didn’t understand the dynamics as a store of value and didn’t have a position.”

At the time of writing, Bitcoin is worth $42,478.

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