Bitcoin has a chance to fall to $ 17,500

Anthony Scaramucci, the founder of SkyBridge Capital, shared his forecasts for the future of bitcoin — Scaramucci believes that the BTC expects to fall to $ 17,500.

According to Anthony Scaramucci in an interview with MarketWatch, the worst of the cryptocurrency market is over, but bitcoin may still fall to its previous low of $ 17,500. As for the positive forecasts, according to the CEO of SkyBridge Capital, the flagship cryptocurrency will reach $ 40,000 in the near future (Scaramucci decided not to name the exact dates in his forecasts). This value of BTC is «a fair market price for bitcoin ,» Anthony Scaramucci emphasized.

At the time of writing, BTC is trading for $ 23,441, which is $ 1,000 less than at the end of July, when bitcoin reached $ 24,500, up 17% in 30 days. This growth was due to the increase in the key rate range by the Federal Reserve System (Fed), which was raised by 75 basis points at once. Thus, on the night of July 27−28, BTC grew by 9% and traded for $ 23,173.

According to Coinglass' monthly data, August is usually a bearish month for the cryptocurrency market, so analysts have urged investors to be prepared for a drop in the value of bitcoin and altcoins.