SkyBridge Capital founder and CEO Anthony Scaramucci says Bitcoin (BTC) appears ready for more upside as it hovers around its all-time high.
In a new interview on the White Crypto YouTube channel, the hedge fund veteran says Bitcoin could go up by up to 65% from the current level before the end of the year.
“Well, every time I make a price prediction, I get it wrong. But I did say last year that I thought we could close in on $100,000. We didn’t quite get there until after the [President Trump] inauguration. But I do think this is $150,000 to $180,000 by year-end.”
According to Scaramucci, demand for Bitcoin from institutional investors is primed to keep going up.
“Bitcoin supremacy, if you will, is creeping up and I think that’s going to continue because it’s the go-to asset for institutional investors. That’s not to say that the other coins won’t do well. But I think institutional dollars that are coming into the space, something like 80% of those dollars will end up in Bitcoin.”
Scaramucci, however, says Bitcoin is currently facing various headwinds amid the heavy demand.
“There are a lot of things holding Bitcoin back. We’re fighting in the Gulf, we’re fighting in Ukraine and we’re fighting in the former Soviet Union, Russia. There’s global tension. There’s a fear of recession. We’re still getting over the aftermath, economically, of COVID. And so there are a lot of things holding Bitcoin back.
But despite that, there’s very heavy net buying of Bitcoin, particularly through the [exchange-traded funds] ETFs.”
Bitcoin is trading at $109,273 at time of writing.
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