bitcoin prediction

Skybridge Estimates Bitcoin’s Fair Market Value at $40K and Ethereum’s at $2,800

05/08/2022 by Idelto Editor

Skybridge Estimates Bitcoin's Fair Market Value at $40K and Ethereum's at $28K

Skybridge Capital’s founder says bitcoin’s fair market value is about $40,000 based on adoption, wallet size, use cases, and growth of wallets. The asset management firm also estimated ethereum’s fair market value at around $2,800.

Skybridge Capital on the Fair Values of Bitcoin and Ethereum

Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm’s predictions on the fair market values of bitcoin (BTC) and ether (ETH) in an interview with Marketwatch, published Tuesday.

He believes that the worst of the crypto bear market has passed and bitcoin has already bottomed. His comments followed bankruptcy filings by a number of crypto firms, including Celsius Network and Voyager Digital.

“We believe that the leverage has been blown out of the system,” Scaramucci said. While recognizing that BTC could still slide, he emphasized: “I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500.”

The Skybridge Capital founder further shared:

According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.

He added that ether’s fair market value stands at around $2,800.

At the time of writing, bitcoin is trading at $23,167.48, up 14% in the past 30 days. Ether is trading at $1,650.88, up 43% in the last 30 days.

Scaramucci does not expect the price of bitcoin to go straight up due to macroeconomic uncertainties. “Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets,” he cautioned.

The executive noted:

We on the margin are net buyers, as incremental cash comes into our funds we’re net buyers of those two assets, because we think that they’re fundamentally undervalued and technically oversold.

Last month, Skybridge Capital suspended redemptions in its Legion Strategies fund after sharp declines in stocks and cryptocurrencies. About 20% of the fund was in private investments and about 18% was in crypto-related investments, including BTC and private investments in digital asset firms such as crypto exchange FTX, he detailed.

Scaramucci confirmed that withdrawals are still halted, adding that the move was necessary to keep the fund’s composition intact after investment bank Morgan Stanley put a sell recommendation on the fund.

“I can’t have the private investments go too high,” the Skybridge founder stressed. “I can’t let everybody out right at this second until I can have appropriate fairness and balance in the fund.” He revealed that the fund is currently selling some of its private investments, noting: “Once we get liquid on those investments, we will then let whoever wants to get out.”

Scaramucci has long been saying that he expects the price of bitcoin to reach $100K this year and $500K long-term. “If you’re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin get to half a million dollars a coin? I believe it will,” he said in March. In June, he advised investors to “buy quality and be unlevered, and stay disciplined.” He noted that a lot of coins will get wiped out.

Commenting on the U.S. economy, the Skybridge executive said, “I think the second half of the year is going to surprise people because there’s already a slowdown in consumption.” He opined:

There will likely be a shallow, but not a deep recession because people have a tremendous amount of savings. And there are more jobs available than people looking for them.

What do you think about the predictions by Skybridge Capital? Let us know in the comments section below.

Finder’s Bitcoin Prediction Report Expects BTC to Bottom at $13,676 and End the Year at $25,473

13/07/2022 by Idelto Editor

According to the latest crypto prediction report published by the product comparison platform finder.com, 77% of 53 fintech specialists polled in the report say cryptocurrency markets are officially in a “crypto winter.” The poll further explains that only 29% of the report’s participants believe the bear market will end in 2022. While bitcoin is expected to surpass $100K per coin by 2025, Finder’s experts think bitcoin will bottom out at $13,676 per unit, but also end 2022 at $25,473 per unit.

Finder’s 53 Fintech Specialists Attempt to Guess Bitcoin’s Future Value

Finder.com published a new forecast that says bitcoin (BTC) will drop to $13,676 per unit this year, according to 53 surveyed fintech specialists. While the report notes that the experts think the bottom will be around $13,676 per BTC, they also expect the leading crypto asset to end the year at $25,473 per coin.

The panelists’ prediction is very much aligned with the 80% drop theory as BTC has lost more than 80% from the all-time price high during every major bear market. At the time of writing, BTC is down over 72% lower than the $69K all-time high (ATH) recorded on November 10, 2021.

In mid-June, Bitcoin.com News reported on what prices would look like if BTC and ETH followed the same bear market patterns as they did in previous years. The math shows that an 80% drawdown from BTC’s ATH in November 2021, would be roughly $13,800 per unit.

Finder’s prediction report indicates BTC’s expected 2022 bottom value is a touch more than 80% lower than the ATH. However, Martin Froehler, the CEO of Morpher, has a different outlook, and he expects a much lower bottom price. Froehler told Finder’s researchers that BTC will likely drop to $12K per unit, before jumping back to $40K by the year’s end.

“It’s reasonable to expect to see more big projects fail in the next couple of months,” Froehler explains in the Finder’s prediction report. “Retail sentiment is at historic lows due to global economic uncertainty and inflation. Highly leveraged miners, who just had to digest the China exodus, will capitulate and increase the downside pressure even more. We will see even lower Bitcoin prices.”

46% of Finder’s Experts Expect the Bear Market to Continue Into 2023

Finder’s study further says that while only 29% of the panelists believe the crypto bear market will end this year, 46% think that the crypto winder will continue until 2023 and 24% believe it could last until 2024. Paul Levy, a senior lecturer at the University of Brighton, said he estimates the bear market will continue until 2023 and bitcoin will close the year at $15K per unit before bouncing back.

“Bitcoin will likely bounce back in 2023 which may actually lead to inflated expectations and further instability. Much of course depends on world events such as the war in Ukraine and its own ongoing impact on global confidence,” the University of Brighton senior lecturer noted.

The product comparison platform, finder.com, has published numerous crypto price prediction reports and the forecasts are merely guesses and conjecture. For instance, Finder’s researchers conducted a poll on Terra’s LUNA just before the crypto asset’s demise, and a great portion of Finder’s experts had high hopes for the digital asset’s future value.

According to the LUNA poll, Finder’s experts predicted LUNA (now luna classic) would be $143 before the end of the year. With luna classic (LUNC) trading for $0.00009522 per unit, the chances of it reaching $143 is arguably an impossible feat.

In the latest bitcoin prediction report, Vetle Lunde, an Arcane Research analyst, said that bitcoin will bottom out at $13K per unit and end 2022 at $20K. “A myriad of negative forces has crushed the strength of bitcoin… Further tightening and unwinding of bad crypto debts will create sobering times onwards, and investors should buckle up for more difficulty,” Lunde explained.

Last April, Finder’s BTC prediction report had shown panelists expected bitcoin to reach $179,280 by 2025 and $420,240 by 2030. Today, however, those predictions are much lower, as the fintech specialists from the latest report estimate BTC to be worth $106,757 by 2025 and $314,314 by 2030.

What do you think about the latest finder.com poll that attempts to predict bitcoin’s future value? Let us know your thoughts about this subject in the comments section below.

Devere Group Predicts a Bull Run and ‘Significant Bounce’ for Bitcoin in Q4

13/06/2022 by Idelto Editor

The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant bounce in the price of bitcoin during the fourth quarter of this year.

Devere’s CEO Predicts a Bull Run in Q4 for Bitcoin

Financial advisory and asset management firm Devere Group has predicted that the price of bitcoin will bounce significantly in the fourth quarter of this year. Nigel Green, Devere’s founder and CEO, said early last week:

I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency.

The Devere boss explained: “Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P500, and I’m confident that the recent market downturn is close to the bottom and a rally is imminent.”

The CEO added:

Bitcoin will benefit from a stock market rally as investors move back into riskier assets.

Green explained that one of the key factors that will drive the bitcoin rally is that investors are using BTC as a hedge against high inflation.

Many people, including famed hedge fund manager Paul Tudor Jones and venture capitalist Tim Draper, believe that the cryptocurrency is a good hedge against inflation.

Another factor the Devere chief noted was that bitcoin is increasingly seen as an alternative to fiat currencies. Veteran investor Bill Miller previously explained that the Russia-Ukraine war and subsequent sanctions on Russia have made people think about having an alternative currency to the U.S. dollar.

“The U.S. government started feverishly adding digital dollars to its economy during the pandemic, diluting its value, but adding to the long-term prospects of bitcoin,” Green noted, emphasizing:

Investors are increasingly seeing bitcoin as an alternative to the dollar.

Green further said his predicted bitcoin bull run will be “supported by the growing investment from major institutional investors, who bring with them capital, expertise and reputational pull.” An April survey shows that 80% of institutional investors believe crypto will overtake traditional investments, 70% said crypto was a trustworthy investment, and 68% said they are actively recommending this asset class in investment strategies.

Lastly, the Devere CEO pointed out that major regulators are looking to establish a regulatory framework for crypto. He opined:

Regulation, which I believe is inevitable, would give more protection and, therefore more confidence, to both retail and institutional investors.

Green’s prediction came just days before the weekend market downturn. At the time of writing, BTC is trading at $27,748.30. It has fallen 2.5% in the past 24 hours, more than 7% in the last seven days, and almost 26% over the past year.

What do you think about the prediction by Devere CEO Nigel Green? Let us know in the comments section below.

Microstrategy CEO Expects Bitcoin to ‘Go Into the Millions’ Despite Crypto Market Sell-Off

20/05/2022 by Idelto Editor

Microstrategy’s CEO has predicted that bitcoin is “going to go into the millions” despite the recent cryptocurrency market sell-off. Noting that the cryptocurrency is the future of money, he said: “We are in it for the long term.”

Microstrategy Sees Bitcoin as the Future of Money

The CEO of the Nasdaq-listed software company Microstrategy, Michael Saylor, shared his bitcoin outlook Thursday in an interview with Yahoo Finance Live.

The executive is still bullish on bitcoin despite the recent sell-off. He was asked whether there is a price target at which Microstrategy will start liquidating some of its bitcoins. The company is currently hodling 129,218 BTC.

“No,” the CEO replied, emphasizing, “we are in it for the long term.” He elaborated: “Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.” He continued:

I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money.

Commenting on cryptocurrency regulation, he noted that “There’s been a deadlock in D.C. and on Capitol Hill around stablecoin regulations and around securities token regulations.” Saylor added that “the Administration wants to move faster” but “Congress is moving slower.”

The Microstrategy chief opined:

I think this meltdown of LUNA, UST, that’s going to accelerate the regulations of stablecoins and security tokens, which will be a good thing for the industry.

“Over time, I think as people get educated and as they get more comfortable, I think we’ll recover from this drawdown,” he concluded.

Saylor has long been bullish on bitcoin. In February, he said there’s evidence of a lot more institutional adoption. In November last year, he said bitcoin will emerge as a $100 trillion asset class.

What do you think about the comments by Microstrategy’s CEO? Let us know in the comments section below.

Mike Novogratz Expects Bitcoin to Hit $500K — Says BTC Is a Great Alternative in Economies With Poor Stewardship

18/03/2022 by Idelto Editor

Galaxy Digital CEO Mike Novogratz says bitcoin is a great alternative and a lifeline to people in countries with poor stewardship of the economy. He expects the price of the cryptocurrency to hit $500K. “We see an adoption cycle that accelerates … going viral everywhere,” he said.

Bitcoin Is a ‘Great Alternative’ in Some Economies

Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin and the U.S. dollar in a couple of interviews this week.

“The biggest thing that’s happened in the last 10 years in lots of ways, maybe longer, is when Europe and the U.S. said: ‘Hey Russia, those reserves that you thought were yours, they’re not really your reserves,’” he told Bloomberg Tuesday.

Elaborating on what he meant, the Galaxy Digital executive detailed:

It means the dollar or treasuries as a risk-free asset isn’t so risk free. It’s not risk free if you’re Russian and maybe if you’re Chinese, it might not be risk free either.

“So I think we are entering a world that’s unknown where people are going to struggle to figure out what is the reserve currency,” he opined.

“The U.S. isn’t going away. The dollar isn’t going away. But it’s not going to be the sole place. So I think you are going to see this hodgepodge of assets,” Novogratz described.

“Gold and, certainly, digital assets are going to be part of that bucket. The whole world is not going to flip to bitcoin overnight but you are going to see more and more people say: ‘I wanna have some of my money outside of the sovereign,’” he explained.

Noting that “The Russian ruble has depreciated over 90% in the last 10 years” and “The Turkish lira did the same,” Novogratz said:

Bitcoin is a lifeline to people in countries with really poor stewardship of the economy.

He similarly told CNBC Thursday: “When there’s bad stewardship of economies … bitcoin provides a great alternative.”

While admitting, “our stewardship has not been great,” the executive stressed: “If you were in Russia, you would feel pretty stupid having all of your money in rubles. Or if you were in Turkey, you’d feel pretty stupid having all your money in the Turkish lira.”

Bitcoin Could Hit $500,000

The Galaxy Digital boss was asked about his price prediction for bitcoin. He replied:

Five years out, if bitcoin is not at $500,000 then I’m wrong on the adoption cycle.

“We see an adoption cycle that accelerates. Bitcoin grew so much faster last year, crypto grew, than the internet did its best years in the 90s. I see this going viral everywhere,” he shared.

Novogratz also commented on the executive order on the regulation of cryptocurrency signed by President Joe Biden last week. He noted: “The politics have shifted even on the Democratic side. It’s no longer anti-crypto, it’s like: ‘Hold on, there’re a lot of crypto voters.’”

What do you think about Mike Novogratz’s comments? Let us know in the comments section below.