According to external sources, Anthony Scaramucci, founder of SkyBridge Capital, argued that bitcoin, although still in Bear City, was not as deep in the current round as in previous cycles, which may indicate that the market relay still exists.
This round is below historical level.
Scaramucci interviewed CNBC during the SALT Conference during Wyoming Blockchain Symposium, saying that bitcoin had returned from a high point to about 55 per cent. In his view, the fall was still in Bear City, but it was clearly below the 75 to 80 per cent common in the past.
In his view, the slight drop was not necessarily a negative sign, but rather an indication that there was still a net buyout in the market, which would preserve the basis for the next upswing.
- This round is about 55%.
- The usual drops across Bear City range from 75% to 80%.
- He saw the difference as a sign that the purchase was still on.
Financial transfers to AI and adjustments to mining
He also indicated that the price volatility of Bitcoin had been limited in recent years and that the overall trend had been weak. According to him, since the outbreak of the war in February of this year, the price of bitcoin has remained largely in the vicinity and the market has continued to spread.
Scaramucci attributed this performance to several factors, including the transfer of resources from some mining companies to AI operations and the transfer of some funds from the encrypted market to AI tracks, which not only affected bitcoin but also slowed down other tokens.
Before halving or sustaining slow shocks
He also linked the current trend to the four-year Bitcoin cycle, stating that the market had entered a generally weak phase, with about 18 to 19 months remaining until the next halving.
In his view, the tightening of new supply after halving could still give a new boost to price upwards. He predicted that bitcoin would have the opportunity to rise again to $100,000 in the future, but until then prices would probably sustain a slow shock for some time.