SkyBridge Capital founder Anthony Scaramucci, one of Wall Street’s most prominent Bitcoin advocates, has called for the cryptocurrency to reclaim the $70,000 level, pointing to overcrowded negative sentiment and exhausted selling pressure as the primary drivers behind what he believes will be the cryptocurrency’s next significant move higher.
Speaking on the latest All Things Markets episode, he said the market has reached a point where pessimism has become the consensus trade.
Scaramucci placed a timeline on his forecast, suggesting the $70,000 level was achievable before the close of July, contingent on regulatory momentum and sustained institutional interest.
“Bitcoin can reclaim $70K by the end of July. I just think because it’s burnt out and the sentiment is so negative that any incremental buying will lift it through $70K,” he said.
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Sentiment shift at core of bull case
Scaramucci’s argument centers on market positioning rather than technical levels. With sellers largely having exited their positions, he contends that Bitcoin’s current price reflects peak negative sentiment rather than a structurally weakened asset.
Galaxy Digital founder and CEO Mike Novogratz echoed similar views, citing progress on the regulatory front as an additional catalyst. His conversations with members of Congress suggest that key legislative sticking points, including ethics provisions and privacy protocol questions, are closer to resolution than markets currently reflect.
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Institutional capital awaiting regulatory green light
Novogratz identified regulatory clarity as the single most significant unlock for institutional Bitcoin demand. Major funds, he noted, are not waiting for price confirmation, they are waiting for a compliance framework that permits allocation.
Any meaningful legislative progress, he argued, could trigger a rapid repricing as institutional capital moves off the sidelines and into the market.
Scaramucci and Novogratz pointed to the broader macroeconomic environment as a structural tailwind. With U.S. debt levels continuing to climb and inflation remaining a policy concern, Bitcoin’s fixed supply and decentralized nature position it as a credible long-term hedge.
Weighing in on Strategy’s Bitcoin sale
During the podcast, Scaramucci and Novogratz addressed one of the more closely watched moves in the Bitcoin market recently: Strategy co-founder Michael Saylor’s decision to sell 32 Bitcoin in late May, only to follow it with a purchase of 1,550 BTC days later.
