The price of Bitcoin is declining once more this September; however, SkyBridge CEO Anthony Scaramucci asserts that it shouldn’t be labeled a crash. He elaborated during a CNBC Squawk Box segment that this downturn is part of a recurring cycle which occurs nearly every year. According to him, short-term variations do not fundamentally change the overall landscape for Bitcoin. Therefore, Scaramucci maintains his optimistic stance and is not altering his forecast.
Scaramucci States September Bitcoin Weakness Is Seasonal
Anthony Scaramucci mentions that September has traditionally been a tough month for Bitcoin and various cryptocurrency ventures. He noted, “September lows are customary.” He clarified that some of the selling stems from individuals settling taxes, while others are taking profits following significant gains from previous months. Consequently, he does not interpret the current Bitcoin price weakness as a forewarning.
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Scaramucci pointed out that Bitcoin’s price has decreased by around three to four percent, terming this fluctuation as “normal volatility.” He mentioned that such movements are standard within the crypto market and should not dishearten investors.
He also reminded everyone that Bitcoin has been established for roughly 15 years, with September frequently being a month of price reductions. He believes this indicates that the current situation is simply a repetition of historical trends. Instead of being anxious about the decline, Scaramucci wishes for investors to recognize that this is a seasonal trend, not indicative of an impending collapse.
SkyBridge CEO Holds $150,000 Bitcoin Projection for 2025
Despite the weaknesses in September, Scaramucci asserts that the global investment firm remains dedicated to its forecast that the digital currency could attain $150,000 by the end of 2025.
The SkyBridge CEO is still confident in Bitcoin’s prospects, asserting that the cryptocurrency’s long-term path is headed toward considerably higher valuations. He anticipates strong purchasing activity in the last two months of the year, encouraging his belief that November and December will be fruitful periods for the market.
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Scaramucci also noted that the interest in Bitcoin remains robust. He perceives many individuals are waiting for the optimal moment to make a purchase, and once the seasonal dip concludes, he anticipates a significant return of buyers.
Furthermore, Scaramucci clarified that the current slowdown does not alter the overarching trend. He described it merely as a brief pause following months of positive performance. His message is that the September declines do not spell disaster. According to him, the long-term direction remains unequivocal, and the Bitcoin price is still poised for substantial gains as the year unfolds.
Featured image from DALL.E, chart from Tradingview.com
