©Reuters
Investing.com – While the market is down in recent days, traders cashing in profits after a peak near $49,000 last week following the SEC’s approval of Bitcoin ETFs, some believe it is not a than a pause, and that we should expect much greater gains on BTC in the medium term.
This is particularly the case of Anthony Scaramucci, of the SkyBridge hedge fund, who estimated Monday in an interview at the Reuters Global Markets Forum in Davos that the price of could reach $170,000 in 2025, driven by demand. for the recently launched ETFs, and the halving planned for April.
“If bitcoin is at $45,000 at the halving, as it is now, it will be at $170,000 by mid to late 2025,” Scaramucci said.
Remember that halving is a technical event that occurs on the bitcoin network approximately every 4 years, and which halves the reward granted for each block mined, which reduces the rate of growth in the supply of new Bitcoins.
“Whatever the price is on halving day in April, multiply it by four and it will reach that price in the next 18 months,” Scaramucci also said.
Regarding BTC’s correction from last week’s highs, Scaramucci attributed the drop to the rotation of investors from the Grayscale Bitcoin Trust to the new funds, adding that it will likely take another eight to 10 trading days to feel the impact of ETFs on the price of crypto.