Huge ‘fair market value’ Bitcoin and Ethereum price predictions revealed
Bitcoin
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The price of bitcoin, up 20% from this time last month as traders eye a Federal Reserve bombshell, has been left in the dust by the price of ethereum which has added 75% – prompting some to predict a “ hundred pound gorilla” is “getting closer every day.”
Now Anthony Scaramucci, the founder and managing partner of global asset management firm Skybridge Capital and Donald Trump’s short-lived White House communications director, has issued two huge bitcoin and ethereum “fair market value” price predictions.
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Bitcoin price has risen 20% in the past month, helped by a huge ethereum price rally.
“We think the leverage has been blown out of the system,” said Scaramucci, who launched a bitcoin fund last year. MarketWatch. “I do not think [the bitcoin price is] going below the lows reached for this cycle, which would be around $17,500.”
Scaramucci cited “adoption, wallet size, use cases and growth of wallets” to contribute to his “fair market value” bitcoin price prediction of around $40,000, while the ethereum price has a fair market value of around $2,800.
The Bitcoin price is currently hovering around $24,000 per bitcoin, while ethereum’s ether has shot higher in the past week to come within touching distance of $2,000 as hype builds over a radical upgrade quickly coming down the track.
The price of bitcoin has crashed this year as the US Federal Reserve battles soaring inflation with a series of historic interest rate hikes and sharp cuts to its massive pandemic stimulus.
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Bitcoin prices have fluctuated wildly over the past year, rising to nearly $70,000 per bitcoin before … [+]
“We on the margin are net buyers as incremental cash comes into our funds, we are net buyers of these two assets because we believe they are fundamentally undervalued and technically oversold,” Scaramucci said, but added, “these are volatile assets and people should “take a four-five year view of these assets.”
Despite Scaramucci’s bullishness, withdrawals in Skybridge’s Legion Strategies fund, which had a nearly 20% crypto weighting, remain halted after this year’s cryptocurrency crash that has wiped $2 trillion from the combined crypto market cap and forced a handful of companies to fold.
