Scaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In July

Scaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In July


Bitcoin price could return near $70,000 by July, according to Anthony Scaramucci and Mike Novogratz.

The SkyBridge Capital founder and Galaxy Digital chief shared the view during the latest All Things Markets episode.

Following the weakness in the crypto assets, Scaramucci said that the market sentiment has become too negative around Bitcoin.

He said the negativity might also give way to a comeback once new demand comes back.

Scaramucci and Novogratz Predict Bitcoin Move Near $70K

Novogratz also backed a possible shift to $70,000 but had a more guarded prediction.

If the CLARITY Act moves on to be enacted in Washington this summer, Bitcoin has improved chances, he said.

Nevertheless, he added that the timing is still unclear because lawmakers are debating rules for crypto.

The discussion also included a discussion on the SpaceX IPO record and their potential impact on investor appetite.

Both said macro conditions are still key to Bitcoin’s future. Their main background themes were U.S. debt, inflation pressure and Social Security concerns.

The Bitcoin-related trades by Strategy also made it more complicated on the current market situation. However, if selling pressure ebbs, weak sentiment could be a bullish sign, Scaramucci said.

But to build confidence, Novogratz said, then there has to be progress that’s clearer, sooner, in a period of caution.

Analyst Predicts BTC Rally Toward $68K If Resistance Breaks

Bitcoin is currently testing the $64,000 handle this week after finding bottom at recent price levels, according to a crypto analyst. 

He pointed out that buyers should look for a clean break above the $64,000-$65,000 range. This may set the stage for a $68,000 move in the short-term. If resistance is not broken, BTC could head towards the $61,000 support zone.

Bitcoin ETFs Record $85.85M Inflows as Assets Hit $79.65B

According to SoSoValue data on Sunday, spot Bitcoin ETFs recorded $85.85 million in daily net inflows. BlackRock’s IBIT had the largest amount at $57.69 million, followed by Fidelity’s FBTC at $18 million. 

Scaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In JulyScaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In July
Source: Sosovalue data

Bitwise, Ark 21Shares, and VanEck also saw positive flows in the last trading session. Total net assets hit $79.65 billion, as demand remained steady among institutions, although it varied by the smaller issuers.

Bitcoin Price Prediction: Key Levels To Watch

As of writing, the BTC price traded at $63,692 on the four-hour chart. Bitcoin price failed to push higher in its recent rally and has stayed below the $65,000 mark.

But a clean bullish continuation above this range hasn’t been confirmed in the market so far. BTC must make a significant move higher of $65,000 to solidify the recovery pattern.

The MACD also shows that the bull market momentum is fading as the histogram is heading towards the zero level. Its signals lines are still in a bearish zone that may limit upside momentum.

The RSI is at 50.82. This is an indication that buyers are still in control but there has been a decline in momentum.

Scaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In JulyScaramucci and Novogratz Predict Bitcoin Price Rally Toward $70K In July
Source: Tradingview

The full Bitcoin forecast report now hinges on the $63,000 to $65,000 price zone. Any solid breakout would see prospects moving toward $70,000, while rejection could keep BTC sideways.





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