Anthony Scaramucci, the founder and CEO of SkyBridge Capital, reiterated on Tuesday Bitcoin’s (CRYPTO: BTC) year-end price target between $180,000-$200,000 despite the ongoing pullback.
Bitcoin Poised For Growth Despite Consolidation
During an interview with CNBC, Scaramucci weighed in on the current state of the Bitcoin market.
“I think what’s happening now is lots of consolidation and institutional adoption. So if you went to a conference like this three years ago, it was mostly retail investors and CEOs working in the layer one blockchain space. Today it’s lots more institutional investors,” the Bitcoin bull said from the Wyoming Blockchain Symposium.
Scaramucci also observed a consolidation trend with some of the larger investors selling off their holdings. Despite this, he remains optimistic about the leading cryptocurrency in the medium term, citing a greater demand than the available supply.
“So we still maintain our price target between $180 and $200,000 by year end. And I think it’s a cautious price target,” he stated.
With 134 days left in the year, Bitcoin would need to rise about 58% to reach the lower limit of the range, and around 76% to hit the upper bound. For context, the leading cryptocurrency has risen only 21% year-to-date.
Scaramucci said he owns “a lot of” Bitcoin, both personally and through his firm, SkyBridge.
See Also: Bitfarms Shares Slide As Bitcoin Pullback Sparks Crypto Sell-Off
Scaramucci’s Unwavering Trust In BTC
Scaramucci’s bullish prediction aligned with his previous statements on Bitcoin’s potential.
In May, he suggested that Bitcoin would be recognized as a full-fledged asset class, akin to gold, once it reaches the $500,000 mark. He also said that Bitcoin’s price action is being driven by limited supply and growing interest from allocators seeking to hedge against U.S. fiscal policy.
He revealed previously that 70% of his wealth is tied up in the leading cryptocurrency.
The apex cryptocurrency is currently in the middle of a corrective phase, having dropped roughly 9% from its all-time high from last week.
Price Action: At the time of writing, BTC was exchanging hands at $113,455.37, down 0.68% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
