SkyBridge Capital founder Anthony Scaramucci said Bitcoin’s tight trading range reflects three forces at work: miners shifting resources toward AI, capital moving into AI investments, and crypto’s position in its four-year market cycle. Speaking in a CNBC interview cited by Yahoo Finance, Scaramucci said he still expects Bitcoin to reach $100,000, though the next catalyst may not arrive for another 20 months. He described Bitcoin as being in a "clear bear market," but argued that the roughly 55% decline in this cycle is materially smaller than the 75% to 80% drawdowns seen in earlier cycles. In his view, that is an encouraging sign because it suggests there are substantial net buyers building for the next bull market. He also noted that over the past three months, Bitcoin outperformed the S&P 500 on only about one-third of trading days, though it did beat major U.S. equity indexes on both Monday and Tuesday this week.
SkyBridge Capital founder Anthony Scaramucci said Bitcoin’s recent tight trading range is being driven by three factors: miners shifting resources toward AI, capital flowing into AI investments, and where crypto currently sits in its four-year market cycle.
According to Yahoo Finance, Scaramucci made the comments during an interview with CNBC. He said he still expects Bitcoin to rise to $100,000, but the next catalyst for that move may take another 20 months to appear.
Scaramucci also said Bitcoin is in a "clear bear market." Even so, he said the drawdown in the current cycle is about 55%, well below the 75% to 80% declines seen in previous cycles. He said that should be read as a positive signal, indicating that a large base of net buyers is positioning for the next bull market.
Over the past three months, Bitcoin outperformed the S&P 500 on only about one-third of trading days, he added. But on Monday and Tuesday of this week, Bitcoin beat major U.S. stock indexes for two consecutive sessions.
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