“Bitcoin Has Bottomed Out; Its Fair Value Is 40,000”, Says SkyBridge’s Scarramucci

“Bitcoin Has Bottomed Out; Its Fair Value Is 40,000”, Says SkyBridge’s Scarramucci

The price of bitcoin has been fluctuating wildly this year, but one thing that remains stable is the opinions and insights of those who follow cryptocurrencies. The cryptocurrency sector is trading higher. Investors are looking forward to this month of August, after ending July as the best month of the year in the behavior of the main assets such as BTC.

In fact, there are still voices suggesting that BTC could have bottomed out. This is the case of Anthony Scaramucci, founder and managing partner of SkyBridge Capital. He affirms that the worst of the bearish moment in the crypto sector is over, after the crash caused by the bankruptcy of Three Arrows, Celsius and Voyager.

However, he recommends caution when investing and considering the macroeconomic uncertainties. "These are volatile assets. I guess what's at stake here is that people need to take a four- or five-year view of these assets," Scaramucci says in an interview with MarketWatch.

"We believe that leverage has disappeared from the system," says this analyst.

"Based on our fair market value metrics based on adoption, wallet size, use cases, wallet growth, we believe the fair market value of bitcoin right now is around $40,000," Scaramucci points out.

BTC rose by 8% in the last 7 days and tried to break the psychological barrier of $24,000.

Bitcoin Price | <a href='https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD'>TradingView </a>
Bitcoin Price | TradingView 

Bitcoin Price Analysis

After breaking through the $24,000 level, Bitcoin began to decline, trading below the $23,500 and $23,000 support levels. It has tested the $22,700 zone and remains at risk of more losses.

At the time of writing, BTC is priced at $22,799, down 0.43%. In the past 24 hours, Bitcoin hit a high of $23,415 and as low as $22,710. Bitcoin faces key resistance at $23,150.

Additionally, bitcoin's daily RSI shows buying is waning as the RSI makes a slight downward slope from July 31 to the present. Although Bitcoin is up nearly 30% from its cyclical low of $17,664 recorded in June of this year, it is still down 51% year-to-date.

Besides macroeconomic factors, another factor affecting the Bitcoin market is the visit of US House of Representatives Speaker Nancy Pelosi to Taiwan on August 2. Some investors are concerned that the trip could increase tensions between China and the US, leading to negative effects on global markets.

"This will cause some tension in the market but I don't believe the market itself will react too strongly," Daniel Muvdi, head of markets at Quantfury, said on August 2.

Meanwhile, most altcoins simultaneously plummeted :

  • Ethereum (ETH) reached $1,606, up 0.17%.
  • BNB reaches $280.65, up 0.8%
  • Ripple (XRP) Priced at $0.36, down 2.9%
  • Cardano (ADA) hits $0.49, down 1.4%
  • Solana (SOL) reached 38.97 USD, down 4.08%
  • Polkadot (DOT) reached $7.82, down 1.36%
  • Polygon (MATIC) reached $0.87, up 0.46%
  • Avalanche (AVAX) hits $22.69, down 0.07%

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