SkyBridge Capital founder Anthony Scaramucci is making a big prediction for Bitcoin and Ethereum this cycle. Meanwhile, analyst Kevin Svenson charts a way forward for the leading cryptocurrency. The analyst says that $90,000 is not too far away.
BTC and ETH forecast by Anthony Scaramucci
As you have been following on Kriptokoin.com, the market has a very volatile outlook. Unable to maintain their bullish momentum, Bitcoin and Ethereum have lost altitude in recent days. However, they are showing signs of a slight recovery. In a new interview, Anthony Scaramucci talks about the very high levels for both cryptocurrencies. Scaramucci believes that Bitcoin could rise by around 300% and Ethereum by around 240% from their current values. In this context, the famous billionaire makes the following statement:
I can only give you my forecast for the top of the market. So I think we’ll hit $10,000 to $12,000 in Ethereum, and I think we’ll hit somewhere between $170,000 and $250,000 in Bitcoin.
One of the biggest bullish catalysts for Bitcoin
According to Scaramucci, one of the biggest bullish catalysts for Bitcoin this cycle could be the increased adoption of BTC by institutional investors. Scaramucci expresses his views on this issue as follows:
The number one thing for me is that someone will declare Bitcoin as an asset class. It’s going to be an advisor. These big pension funds, in order to protect their business, go to outside advisors and ask them for advice on asset allocation, who to invest the money in, where to invest it, private equity, hedge funds, etc., stocks and bonds. And somebody will declare BTC as an asset class and then make a recommendation that Bitcoin should be 1%, 2%, 3% of the institutional tactical asset allocation portfolio. When that happens, it’s going to open up a huge vein of demand for Bitcoin.
Analyst: If this happens, Bitcoin will reach $90,000 sooner!
Crypto analyst Kevin Svenson says that even though the price of Bitcoin has fallen, ending the week above the parabolic curve trendline could trigger a price increase of about 42% from the current level. In this context, the analyst makes the following statement:
If there was a miraculous pump and the current weekly candle became a weekly bullish engulfing candle, then we would be looking pretty good there. By maintaining our trajectory and momentum, we would probably reach $90,000 sooner.
This is a bull market!
According to the analyst’s chart, BTC needs to end the current week above $67,000 for the prediction to come true. On whether Bitcoin is in a bull or bear market amid mostly downward price action over the past few weeks, Svenson says
If you put your opinion aside for a moment and just look at the chart, just look at the chart and just look at the chart, what do we see? What we see is a series of higher lows. This is a bull trend, this is a bull market by definition. Bitcoin is right near its all-time high. Bitcoin is about 13%-14% away from its all-time high. This is a bull market, folks, and BTC is still in a position to make another exponential higher low that will be part of a parabolic trend.
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This news is republished from another source.