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Bitcoin is predicted to reach $ 170,000 in 2025

3:44 pm, January 18, 2024

Anthony Scaramucci, an analyst at SkyBridge hedge fund, predicted that bitcoin will rise to $ 170,000 next year. According to the expert, the growth will be driven by the demand for new exchange-traded funds and April hedging.

«If bitcoin is worth $ 45,000 at the time of halving, which is roughly where it is now, it will be worth $ 170,000 by mid-to-late 2025,» SkyBridge founder and managing partner said in an interview with Reuters Global Markets Forum, which opened at a Swiss ski resort.

According to the analyst, whatever the price of BTC $93,272.73 Bitcoin -3.13% Market capitalization $1.85 trillion VOL. 24 hours $2.96 billion was on the day of halving in April, «multiply it by four and it will reach that mark within the next 18 months.»

Last week, the price of bitcoin jumped above $ 49,000 when spot BTC-ETFs were authorized to trade on U.S. exchanges. However, since then, the price of the market’s flagship has fallen to around $ 42,000. Scaramucci attributed this drop to investors switching from Grayscale Bitcoin Trust to new funds. The analyst believes that it will take another 8 to 10 trading days to see the impact of the new funds on prices.

The US regulator’s landmark approval for spot bitcoin ETFs came after a multi-year campaign and applications from numerous firms, including SkyBridge, whose application was rejected in 2022. The regulator’s decision was largely influenced by Grayscale’s victory in court. The company proved that the SEC’s refusal to consider its application to transform the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was unlawful.

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