Anthony Scaramucci says the Bitcoin market could see further price declines, predicting waves of volatility for the major cryptocurrency.
The CEO of SkyBridge Capital revealed that he would not buy the dip, even if the price of BTC pulls back from the highs of $44,400.
He notes that Bitcoin is still an “early adoption story” and believes its price will rise in the long term.
SkyBridge Capital CEO Anthony Scaramucci thinks Bitcoin is headed for more volatility, even as he predicts long-term holders of the cryptocurrency will still be profitable in adoption and usage of cryptocurrency.
The SkyBridge chief noted this in an interview with CNBC’s “Crypto Night in America” on Thursday.
The price of bitcoin fell below the $40,000 level earlier this week before rising over the past three days to around $44,400. Weakness in the broader stock market also saw digital gold slip to support around $41,790.
While many analysts remain bullish on the cryptocurrency over the long term, there are suggestions that Bitcoin’s ‘locked-in’ trade with traditional stock markets could see it dip further, with investor sentiment likely weighed down by the cycle. Fed tightening.
In the interview, Scaramucci was asked what he thinks Bitcoin price will be next after falling from all-time highs of $69,000 hit last November.
Acknowledging the fall in BTC’s value, he told CNBC that he expects more consolidation.
“I really think there’s a lot of leverage in the system and there’s been massive deleveraging,” he explained.
He believed that some of the negligence seen in the market was linked to the crackdown in China last year, with many holders likely to be driven out of Chinese exchanges at the end of 2021 due to the ban on trading of currencies. crypto.
Scaramucci also commented on his company’s plans during the current Bitcoin price drop, indicating that the company would not buy the drop.
He noted that SkyBridge had “bought a bit on the sidelines and added to [its] multi-room and polygon exposure. However, he had no intention of adding to or subtracting from his large bitcoin share, he added.
On the issue of Bitcoin volatility, the head of SkyBridge said he sees the market experiencing “a bit of neglect and waves of volatility. This should see investors jump in and out of the market, which is expected as Bitcoin is a “technology early adoption history.”
Even so, Scaramucci is optimistic about Bitcoin’s long-term prospects and thinks long-term holders will do well.
Bitcoin was trading around $42,486, down around 4% in intraday trading and nearly 10% in the red over the past two weeks.