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Bitcoin to surge to over $170,000 after the upcoming halving, SkyBridge Capital founder

Bitcoin to surge to over $170,000 after the upcoming halving

Anthony Scaramucci, founder of SkyBridge Capital, is optimistic about Bitcoin’s future, predicting a surge to $170,000 per coin after the upcoming halving event.

The halving, occurring around every four years, halves the rate at which new Bitcoin is produced.

Scaramucci, known for endorsing Bitcoin as a superior store of value compared to gold, draws parallels between Bitcoin’s halving cycles and its subsequent remarkable price increases.

Reflecting on past patterns, he emphasizes the uncanny consistency in Bitcoin reaching new highs about 18 months after each halving event.

The last halving in May 2020 saw Bitcoin closing at $9,670 and hitting its current all-time high of $69,000 18 months later. In the halving prior to that, Bitcoin closed at $656 in July 2016 and skyrocketed to $19,783 in December 2017.

Scaramucci’s latest projection of $170,000 after the next halving, scheduled for April 2024, is considered conservative. He bases this on Bitcoin’s price being $35,000 at the time of the halving.

With Bitcoin currently trading at $43,000, Scaramucci suggests that if the price reaches $50,000 in April, it could potentially surge to $200,000, and at $60,000, it might hit $240,000.

This optimism reflects his belief in the potential for significant returns, likening Bitcoin’s trajectory to the growth seen in Amazon stock.

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Sophia Hernandez is an experienced crypto writer who has been writing about crypto and blockchain technology for 3 years. She has a deep understanding of the complexities of the crypto market and is skilled at breaking down these concepts into easy-to-understand language for readers.