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Bitcoin's price could breach $170,000 next year, driven by demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event.
According to Anthony Scaramucci, founder and managing partner of hedge fund SkyBridge, if the price of Bitcoin is around $45,000 during the halving, it is projected to reach $170,000 by mid-to-late 2025.
Halving Event Significance and Expected Price Surge
Reuters noted that the halving, a technical event that reduces the rate at which new Bitcoin enters circulation, plays a vital role in Bitcoin's future price trajectory.
Scaramucci emphasized that regardless of the price at the time of the halving in April, multiplying it by four will estimate its future value within the next 18 months, as per US News.
Bitcoin's price experienced a significant jump above $49,000 last week when spot Bitcoin ETFs received approval to trade on U.S. exchanges. However, it has since slipped back to around $42,000.
Scaramucci attributed this decline to investors shifting their focus from the Grayscale Bitcoin Trust to the newly listed funds. He also highlighted that it may take another eight to 10 trading days to fully gauge the impact of the newly listed ETFs on Bitcoin's price.
Long-Awaited Regulatory Approval for Spot Bitcoin ETFs
The approval of spot Bitcoin ETFs in the United States marks a milestone achievement after years of campaigning and numerous applications from several firms, including SkyBridge. The rejection of SkyBridge's application in 2022 further underscores the significance of this recent regulatory approval.
Aside from Bitcoin ETFs, SkyBridge plans to launch a new fund combining crypto tokens and digital asset-focused venture capital investments. Scaramucci also expressed confidence in the strong performance of structured credit investments.
The forecasted surge in Bitcoin's price to $170,000 by 2025 fuels the ongoing discussions surrounding the cryptocurrency's market potential.
Photo: Kanchanara/Unsplash
