Anthony Scaramucci said the Bitcoin market could see further price declines, predicting waves of volatility for the major cryptocurrency.
The CEO of SkyBridge Capital has revealed that he will not buy the drop even if the price of BTC retreats from highs of $ 44,400.
He notes that Bitcoin is still an “early adoption story” and believes its price will rise in the long term.
SkyBridge Capital CEO Anthony Scaramucci believes Bitcoin is heading for more volatility, even though he predicts that long-term cryptocurrency holders will still be profitable from adoption and use. of cryptocurrency.
The SkyBridge chief noted this in an interview with TSTIME’s “Crypto Night in America” on Thursday.
The price of Bitcoin fell below the $ 40,000 level earlier this week before recovering over the past three days to around $ 44,400. Weakness in the broader stock market also pushed digital gold down to around $ 41,790.
While many analysts remain bullish for the long term of the cryptocurrency, there are suggestions that Bitcoin’s ‘lockstep’ trade with traditional stock markets could see it decline further, with investor sentiment likely being weighed down by the market. Fed tightening cycle.
In the interview, Scaramucci was asked what he believed to be the next step for the price of Bitcoin after it fell from all-time highs of $ 69,000 reached last November.
Acknowledging the fall in the value of BTC, he told TSTIME that he expects there to be more consolidation.
“I really think there is a lot of leverage in the system and there has been massive deleveraging, “he explained.
He believed that part of the slackness seen in the market was linked to the crackdown in China last year, with many holders likely to be flushed out by Chinese stock exchanges at the end of 2021 due to the trade ban. of crypto.
Scaramucci also commented on his company’s plans during the current Bitcoin price drop, indicating that the company would not buy the drop.
He noted that SkyBridge had “bought a bit on the sidelines and added to [its] multi-room and polygon exposure. However, he was not planning to add any to or remove from his substantial share of Bitcoin, he added.
On the issue of Bitcoin’s volatility, the SkyBridge chief said he saw the market experience “a certain let-go and waves of volatility.” This should see investors jump into the market, which is expected as Bitcoin is a “history of the adoption of early technologies. “
Even so, Scaramucci is optimistic about Bitcoin’s long-term outlook and believes long-term holders will do well.
Bitcoin was trading around $ 42,486, down around 4% in intraday transactions and almost 10% in the red over the past two weeks.