Anthony Scaramucci says the Bitcoin market could see fresh price declines, forecasting waves of volatility for the leading cryptocurrency.
The SkyBridge Capital CEO revealed he won’t be buying the dip, even as BTC price retreats from highs of $44,400.
He notes that Bitcoin is still an “early adoption story” and believes its price will grow long-term.
SkyBridge Capital CEO Anthony Scaramucci believes Bitcoin is headed for more volatility, even as he predicts long-term holders of the cryptocurrency will still be profitable amid further adoption and use of the cryptocurrency.
The SkyBridge chief noted this in an interview with CNBC’s “Crypto Night in America” on Thursday.
Bitcoin price dipped below the $40,000 level earlier this week before rallying over the last three days to top around $44,400. The weakness in the broader stock market has also seen the digital gold slip to support around $41,790.
While many analysts remain bullish for the cryptocurrency long term, there are suggestions Bitcoin’s “lockstep” trading with traditional stock markets could see it dip further, with investor sentiment likely weighed by the Fed’s tightening cycle.
In the interview, Scaramucci was asked what he thought is next for the Bitcoin price after its plunge from the all-time highs of $69,000 reached last November.
Acknowledging the nosedive in BTC value, he told CNBC that he expects there to be more consolidation.
“I definitely think there is a lot of leverage in the system and there’s been massive deleveraging,” he explained.
He opined that some of the sloppiness seen in the market was linked to the crackdown in China last year, with many holders likely flushed out by Chinese exchanges at the end of 2021 due to the ban on crypto trading.
Scaramucci also commented on his firm’s plans during the current dip in Bitcoin price, indicating that the firm would not be buying the dip.
He noted that SkyBridge had “bought on the fringe a little and added to [its] multi-coin and Polygon exposure. However, it wasn’t planning to add any more or take away from its substantial Bitcoin stake, he added.
On the issue of Bitcoin volatility, the SkyBridge chief said he sees the market experiencing “some sloppiness and waves of volatility. This should see investors jump on and off the market, which is expected as Bitcoin is an “early technology adoption story.”
Even then, Scaramucci is bullish on Bitcoin’s long-term outlook and believes long-term holders will do well.
Bitcoin was trading around $42,486, down about 4% in intraday deals and nearly 10% in the red over the past two weeks.
The post Anthony Scaramucci: Bitcoin hodlers will do well despite sloppiness and ‘waves’ of volatility appeared first on Coin Journal.
Check live crypto rates here
Start trading today – See our list of exchanges
I definitely wanted to post a simple word to be able to express gratitude to you for some of the awesome tips you are placing on this site. My time intensive internet look up has at the end of the day been compensated with reasonable facts and strategies to go over with my visitors. I would believe that we visitors actually are quite blessed to be in a wonderful network with many brilliant individuals with good things. I feel very much privileged to have used your webpage and look forward to some more fun moments reading here. Thank you again for all the details.
tadalafil bestellen cialis 20mg kaufen generika sildenafil bestellen
cialis 5mg generika cialis kaufen ohne rezept sildenafil 100mg kaufen ohne rezept
order isotretinoin 40mg sale buy azithromycin pills ivermectin for covid
order isotretinoin pills purchase isotretinoin ivermectin cost australia
Your style is so unique compared to many other people. Thank you for publishing when you have the opportunity,Guess I will just make this bookmarked.2
I’ve recently started a site, the info you provide on this website has helped me greatly. Thanks for all of your time & work.
Thanks , I have just been searching for info about this topic for a while and yours is the greatest I have discovered till now. But, what concerning the bottom line? Are you positive concerning the source?
I?¦ll immediately clutch your rss feed as I can’t to find your email subscription hyperlink or newsletter service. Do you have any? Please allow me realize in order that I may just subscribe. Thanks.
My brother suggested I might like this web site. He was entirely right. This post truly made my day. You can not imagine just how much time I had spent for this information! Thanks!
I feel that is one of the most significant information for me. And i’m happy studying your article. But should statement on few basic issues, The website style is perfect, the articles is in point of fact great : D. Excellent process, cheers
Whats Going down i’m new to this, I stumbled upon this I’ve discovered It absolutely useful and it has helped me out loads. I am hoping to contribute & help other customers like its aided me. Great job.
You made certain good points there. I did a search on the matter and found most people will go along with with your blog.
Good day! I could have sworn I’ve been to this blog before but after reading through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be bookmarking and checking back frequently!
you have a great blog here! would you like to make some invite posts on my blog?
If you desire to take much from this paragraph then you have to apply these strategies to your won blog.
writing like yours nowadays.온라인카지노 I honestly appreciate people like
you! Take care!!
I have been exploring for a little bit for any high-quality articles or weblog posts in this kind of house . Exploring in Yahoo I finally stumbled upon this web site. Studying this info So i¦m satisfied to convey that I’ve an incredibly good uncanny feeling I found out just what I needed. I so much definitely will make sure to don¦t put out of your mind this website and give it a look on a constant basis.
Can I show my graceful appreciation and show my appreciatation온라인바카라 really good stuff and if you want to have a checkout
Let me tell you a brief about how to get connected to girls for free I am always here for yall you know that right?