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BTC Has Already Hit Rock bottom, Says Scaramucci

The SkyBridge Capital founder Anthony Scaramucci does not expect bitcoin’s valuation to drop below the $17,500 price recorded in June. He also stated that the “fair value” of the assets should be $40,000, or nearly double the current level.

However, the executive thinks BTC’s price hike won’t happen overnight due to the financial turmoil happen overnight due to the financial turmoil dominating the world. Therefore, it may take up to five years for the major cryptocurrency to rise.

BTC “Fair Value” Of $40,000, ETH- $2,800

It’s noncontroversial to say that bitcoin has been in a knockdown state for the past few months, considering its impressive performance last year. Its current valuation of around $23,500 is around 66% lower than the all-time high of nearly $70,000 recorded in November 2021. Plus, at one point in June, its price dropped to $17,500, causing panic and uncertainty among investors.

According to Anthony Scaramucci, however, the worst of the bear market is over. The asset may still plummet shortly, but it should not drop below the $17,500 level, he said:

“We believe the leverage has been wiped out of the system. Bitcoin may slide, but I don’t think it is falling below the minimum reached for this cycle, which should be around $17,500.”

Scaramucci further said that based on “adoption, portfolio size, use cases and growth of portfolios,” the “fair market value” of bitcoin is nowadays around $40,000.