The Fair Market Value Of Bitcoin Is $40,000: Anthony Scaramucci
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Scaramucci explained that the worst of the bear market is likely over and that Bitcoin has hit its bottom in this cycle. The Skybridge manager said: “We believe that the leverage has been blown out of the system.” He clarified, however, that: “I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500.”
Scaramucci also noted in the interview published last Tuesday that:
“According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.”
The Hedge funder added that Ethereum’s fair market value currently stands at $2,800. At press time, BTC trades 42%, at $23,150, below Scaramucci’s fair market value placement, while Ether trades at $1,705.
Nonetheless, the Skybridge founder said he does not expect BTC to record a parabolic run, given the current macroeconomic reality. He cautioned:
“Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets.”
Key Bitcoin Levels to Watch — August 7
Bitcoin traded on a quiet momentum over the weekend but retained its position above the $23,000 mark despite minor turbulence.
The flagship cryptocurrency currently enjoys support from the 100 EMA near $22,800, making this level critical to monitor in the coming hours. However, the performance of BTC is slightly tied to how the dollar performs in the near term, now that the US Fed is likely to continue its tightening program.
Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.
Total Market Capitalization: $1.10 trillion
Bitcoin Market Capitalization: $442.6 billion
Bitcoin Dominance: 40.3%
Market Rank: #1
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