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  5. Bitcoin Will Hit $100,000 in 12 Months, Former White House Chief Predicts, Despite Crypto Carnage

Bitcoin Will Hit $100,000 in 12 Months, Former White House Chief Predicts, Despite Crypto Carnage

Bitcoin Will Hit $100,000 in 12 Months, Former White House Chief Predicts, Despite Crypto Carnage

Bitcoin has proven time and time again that it bounces back from any kind of storm, and with that, Anthony Scaramucci, former White House communications chief and founder of Skybridge Capital, said he remains positive amid the gloom and negativity of the bear market.

Recession fears continue to spread among investors ahead of this week’s crucial Fed meeting and after Friday’s abysmal inflation reading.

Inflation hit a 40-year high in May, according to the consumer price index, prompting market watchers to price in a larger-than-expected rate hike of 50 basis points, as opposed to the current forecast of 75 basis points. .

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As long as market participants remain cautious, “The Mooch” believes that cryptocurrencies will recover from the “carnage”. Source: CNN.

Scaramucci remains bullish on Bitcoin

Scaramucci revealed during his recent appearance on CNBC’s Squawk Box why he remains bullish on Bitcoin and Ethereum.

“The Mooch” Scaramucci said that he believes that cryptocurrencies will recover from the “carnage” if market participants remain cautious, despite the typical bearish sentiment currently dominating cryptocurrencies and market headlines.

Six weeks ago, BTC and the broader market fell due to a historic rise in interest rates and the collapse of the Terra network, as well as its LUNA and UST coins after the latter lost its peg to the US dollar.

Total BTC Market Cap at $421 Billion on Daily Chart | Source: TradingView.com

The SkyBridge official also compared the current sell-off to the collapse of the Web1 companies in 2000, when virtually all shares of Internet companies fell.

He advised investors to maintain discipline. Scaramucci, SkyBridge had bought more Bitcoin and Ethereum in response to host Andrew Dorkin’s question about the phrase “buy the dip.”

In the last 24 hours, Bitcoin has reached $23,000, which is far from its previous resistance level of $30,000. As the broader market feels the devaluation of the largest cryptocurrency, the value of whale cryptocurrencies has fallen to a level never seen before in 2020.

“I’m encouraged that #Bitcoin is currently over 50% of the total #crypto market cap, which is another sign that there is a flight to quality there,” says @Scaramucci. “I would advise people to stay disciplined. We buy more $BTC and $ETH.” pic.twitter.com/5gzOytm4N5

— Squawk Box (@SquawkCNBC) June 13, 2022

Bitcoin will reach the promoted price of $100,000, says Scaramucci

Scaramucci is delighted that bitcoin still holds more than half of the cryptocurrency market capitalization, and he is confident that bitcoin will reach $100,000 within 12 to 24 months.

Scaramucci said that there is currently low buying potential in the market and investors should hoard coins to avoid future disappointments.

The market capitalization of all cryptocurrencies fell below $1 trillion on Monday, having crossed the $3 trillion mark in November last year when Bitcoin hit its all-time high.

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Featured Image from LinkedIn, Chart from TradingView.com

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