After Bitcoin (BTC)’s explosive start to 2023, SkyBridge Capital founder Anthony Scaramucci believes “we’re out of the bear market” and expressed confidence in his company’s crypto investments.
However, The Mooch qualified the statement by adding: “That’s a guess. We do not know it.”
In an April 6 interview with Yahoo Finance, Scaramucci noted that Bitcoin has consistently outperformed every other asset class over extended periods of time, saying:
“But every time you’ve held Bitcoin on a rolling four-year interval, so pick the day and hold it for four years, you’ve outperformed every other asset class.”
Scaramacci also offered his bullish outlook for the leading crypto by market cap ahead of the next halving cycle, set to take place in early March 2024, according to NiceHash.
Halving of the countdown according to NiceHash.
Bitcoin has historically operated on a four-year cycle, with the start of an uptrend occurring shortly after each halving cycle.
The theory behind the price cycle is that the block reward halving makes existing BTC scarcer and therefore more valuable.
Bitcoin has posted gains of nearly 70% in 2023, according to Cointelegraph Pro, climbing from $16,521 to $28,060 compared to the S&P 500 index, which is up just over 7% over the same period.
Bitcoin’s enviable start to 2023 also comes amid what can only be described as poor market and regulatory conditions that could further weigh on its price.
Crypto institutions based in the United States are struggling to find banking partners and liquidity in the wake of the collapse of crypto-friendly banks like Silvergate, Silicon Valley and Signature Bank, and there are fears the US is introducing a policy to prevent banks from interacting with crypto.
Related: Bitcoin faces headwinds as the US money supply has fallen the most since the 1950s
Additionally, according to CoinMarketCap, the two largest crypto exchanges in the world — Binance and Coinbase — have recently been under scrutiny by regulators.
Coinbase received a notice from Wells on March 22 notifying potential enforcement action by the Securities and Exchange Commission, while Binance has been sued by the Commodity Futures Trading Commission for allegedly violating trading and derivatives rules
Despite these events, crypto sentiment remains positive.
The Crypto Fear & Greed Index, an indicator measuring crypto sentiment, is currently in the greed zone, pushing for highs not seen since November 2021 – Bitcoin’s all-time high.
Crypto Fear & Greed Index (Screenshot). Source: Alternative.me
Asia Express: Zhu Su stock market akshually hit $13.64 volume, Huobi in crisis
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.