- Anthony Scaramucci, popularly known as The Mooch, believes that BTC could surge to $170k.
- If this happens, it means that Bitcoin's market cap will jump to over $3.8 trillion.
- A Bitcoin surge will also trigger more gains for altcoins like Stacks and VeChain.
Bitcoin price has crawled back in the past few days as the recent sell-off fades. After plunging to $38,500 last week, the biggest crypto in the world has rebounded to over $43,600. This rebound happened as demand for BTC rose and as the recent GBTC withdrawals eased. The rally has also sparked a rebound of other altcoins like Stacks, VeChain, and ORDI.
Now, some analysts believe that Bitcoin price has more upside in the coming months. Anthony Scaramucci, a hedge fund manager who started Skybridge Capital, believes that Bitcoin has more gains in the future. He sees Bitcoin surging to $170k. If this happens, Bitcoin’s market cap would climb from the current $870 billion to over $3.8 trillion.
In an interview, Scaramucci, popularly known as The Mooch, said that the upcoming halving will have a positive impact on Bitcoin as it reduces supply. He said:
“Go back and look at Bitcoin halving cycles. 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.”
The Mooch is not alone in delivering an extremely bullish Bitcoin price prediction. Standard Chartered, a large British bank, believes that BTC will still surge to over $100k either this year or in 2024. The analyst cited the recently launched spot Bitcoin ETFs and the ongoing demand-supply dynamics in the industry.
The other companies that are highly bullish on Bitcoin price are Franklin Templeton and Blackrock. In a recent statement, Franklin Templeton argued that BTC will become an integral part of a balanced portfolio. In their estimation, instead of 60/40, many investors will start using something like 60/38/2, where 60% stocks, 38% bonds, and 2% is Bitcoin. A recent article by Barrons explained that such a portfolio would beat the 60/40 by far.
If The Mooch is right, it means that other popular altcoins will also rise because Bitcoin has a close correlation with them. For example, ORDI price will likely rise because Bitcoin’s rise will be accompanied by a strong demand for Bitcoin NFTs.
Similarly, coins like Stacks (STX) and Internet Computer that have created Bitcoin scaling solutions will likely do well too. Stacks is a layer-2 network that enables developers to build applications that run on Bitcoin while Internet Computerhas created ckBTC, a digital twin for Bitcoin.
