Anthony Scaramucci Sees Long-Term Growth for Bitcoin Despite Volatility
Highlights
- According to Anthony Scaramucci, Bitcoin price could hit around $200k by the end of the year.
- Notably, Scaramucci's comments come at a time when a bull run is being capped in by market participants.
- Crypto markets have been undergoing some volatility in the past weeks .
Bitcoin price and future momentum are of great curiosity for many. With the upcoming halving, investors are wondering how to gauge the current market volatility and price movement. However, according to Anthony Scaramucci, Bitcoin price could hit around $200k by the end of the year. He also believes that Bitcoin usage is still in its infancy and can pace up in the future.
Bitcoin Price To Edge Up After Halving
Notably, Scaramucci’s comments come at a time when a bull run is being capped in by market participants. Additionally, before the halving, Bitcoin miners have decreased the amount of coins they send to centralized exchanges as investors prepare for another uphill climb. According to new research from on-chain analytics company CryptoQuant, significantly fewer miner flows are going to cryptocurrency exchanges.
The company reports that 374 BTC were exchanged last month, a notable decrease from 1388 BTC the month before. Assets from whales and miners to exchanges typically indicate selling pressure that lowers prices.
Read Also: Bitcoin Halving Party: Celebrate With Crypto Enthusiasts Globally
Bitcoin Halving to Change Supply and Demand
At present market participants are expecting the halving to create a supply and demand imbalance. Instead of this, recent weeks have seen a slowdown in the outflows reported by miners, with many experts predicting a potential price recovery and less selling pressure. Miners’ sales from prior months are a win for the market as it approaches the halving.
Likely, miners have already taken action to ease the selling pressure, which might have a positive short-term effect on the market given the amount of pressure that risk aversion is putting on it already.
Bitcoin Price Today
Crypto markets have been undergoing some volatility in the past weeks . Though expected, the volatility has created a cautious behavior among investors. At the press time, BTC price stands at $63,571.3, and the 24-hour trading volume of cryptocurrencies is $30.7 billion. Bitcoin has increased in value by 3.64% over the last 24 hours and is presently trading between $64,089.5 and $60,944.6. The current market value of Bitcoin (BTC) is 1.3 trillion dollars.
Read Also: Ripple CEO Claims He Underpredicted $5T Crypto Market Cap Prediction
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