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Amid all the turbulence on the crypto market recently, many digital asset enthusiasts are keeping their eyes on the bigger picture. For example, Anthony Scaramucci sees Bitcoin (BTC) reaching $200,000 by year-end.
Bitcoin’s price action has been anything but dull as another wild 24-hour cycle brought traders on a roller coaster ride, with the leading cryptocurrency plunging by 9% within just hours.
Gamza KhanzadaevThen, just as quickly, Bitcoin snapped back. Back above $80,000, then $81,700, almost like the chaos never happened. But something did shift. The market is not in the same place anymore; are we seeing a new paradigm?
Back to basics
For Scaramucci, the reason to stay bullish is the four-year cycle that has played out after every halving. Bitcoin’s current price, he suggests, is trading at a 20% discount to where it should be.
Even if the target is not hit exactly, the range between $150,000 and $200,000 would still make 2024 a major success for the cryptocurrency, believes the SkyBridge Capital founder.
Alex DovbnyaGetting back to the current reality, the main question persists: what's the plan now? The crypto market has always been a test of conviction. Price swings like these shake out weak hands, while long-term holders look at bigger trends.
Despite its notorious volatility, Bitcoin has consistently trended upward over the years, and many believe the halving event will once again be the catalyst for a major move.
Yuri MolchanThe short-term ride might be rough, but the long-term view? It remains bullish. Traders, investors and institutions are getting ready for the next step. Scaramucci is not alone with such a target in mind.
It is not just about reaching $200,000 — it is about how fast it gets there.
Dan Burgin
Vladislav Sopov