SkyBridge Capital founder Anthony Scaramucci has described Bitcoin's (CRYPTO: BTC) current price action as part of its typical cycle.
What Happened: In an X post on Friday, he explained that Bitcoin is purging leveraged, short-term momentum trades, a normal phenomenon in its market evolution.
However, Scaramucci also suggested that some altcoins may have experienced their "last hurrah" and could be done for good.
Meanwhile, crypto entrepreneur JC X believes human behaviour remains consistent: when Bitcoin surges, investors feel wealthier and take on more risks, often chasing gains in altcoins due to FOMO. This dynamic suggests altcoins may still have another rally in store.
In an interview, Scaramucci expressed optimism about Bitcoin's future, stating he would never sell his holdings for luxury purchases. He emphasized Bitcoin's potential to attract mainstream institutional investment.
Also Read: Are MicroStrategy's Bitcoin Purchases On Hold In January?
Why It Matters: Cathie Wood of ARK Invest remains bullish on Bitcoin, projecting a price of $1.5 million by 2030, citing its scarcity compared to gold.
A 10x Research report highlighted macroeconomic challenges, including the Federal Reserve's hawkish stance, signaling a cautious year ahead for traders and investors.
An expert from Foresight Ventures noted that Bitcoin's recent pullback marks its first significant correction since post-election euphoria.
The analyst stated that 20% corrections are typical in bull markets, serving as consolidations rather than trend reversals.
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