With Bitcoin’s next halving event just months away, optimism abounds that the cryptocurrency could reach dazzling new heights. Skybridge Capital founder Anthony Scaramucci is among the crypto bulls forecasting eye-popping Bitcoin valuations in 2024 and beyond.
Scaramucci predicts Bitcoin will hit at least $170,000 in the 18 months following the halving in April when the rate of new Bitcoin entering circulation gets cut in half. His projection is based on historical price performance, with Bitcoin tending to quadruple within that timeframe after previous halvings.
“The day that Bitcoin halves, multiply it by four and 18 months later and it’s been uncanny that that’s been the price of Bitcoin,” said Scaramucci on a recent podcast.
Even a “conservative” estimate of Bitcoin trading at $50,000 pre-halving would imply a $200,000 price tag post-halving, according to Scaramucci. Other optimistic forecasts come from Blockstream CEO Adam Back ($100,000+) and analysts at Standard Chartered Bank (also $100,000+).
In the long run, mega-bulls like Scaramucci see Bitcoin capturing half the market cap of gold, which would lift the cryptocurrency over $300,000 per coin. Scaramucci gave credit to BlackRock CEO Larry Fink for changing his once-negative stance on Bitcoin as digital gold.