The Bitcoin price is falling again this September, but SkyBridge CEO Anthony Scaramucci says there is no reason to call it a crash. He explained on a CNBC Squawk Box segment that the current weakness is part of a regular cycle that happens almost every year. According to the CEO, short-term fluctuations do not alter the broader picture for Bitcoin. For this reason, Scaramucci says he is keeping his bullish outlook and is not changing his prediction.
Scaramucci Says Bitcoin Price September Weakness Is Seasonal
Anthony Scaramucci says September has historically been a challenging month for Bitcoin and other cryptocurrency businesses. In his words, “September lows are typical.” He explained that some of the selling comes from people clearing taxes, while others are simply taking profits after substantial gains from the last few months. Because of this, he does not see the current weakness in the Bitcoin price as a warning sign.
Related Reading
Scaramucci noted that the Bitcoin price has slipped by about three to four percent, but he described this move as “typical volatility.” According to him, the swings of this size are normal in the crypto market and should not discourage investors.
He also reminded people that Bitcoin has been around for approximately 15 years and that September has often been a month of price dips. According to him, this is evidence that what is happening now is merely a repetition of the past. Instead of worrying about the drop, Scaramucci wants investors to understand that this is a seasonal pattern and not the start of a collapse.
SkyBridge CEO Maintains $150,000 Bitcoin Target For 2025
Even with the September weakness, Scaramucci says the global investment firm remains committed to its prediction that the digital asset could reach $150,000 by the end of 2025.
The SkyBridge CEO remains confident in Bitcoin’s future, explaining that the cryptocurrency’s long-term trajectory continues to point toward significantly higher levels. He believes that strong buying typically occurs in the last two months of the year. Because of this, he thinks November and December will be good times for the market.
Related Reading
Scaramucci also observed that the appetite for Bitcoin remains strong. In his view, many people are simply waiting for the right time to make a purchase, and once the seasonal weakness is over, he expects buyers to return in large numbers.
The SkyBridge CEO further explained that the current slowdown does not change the bigger trend. He called it only a short break after months of positive moves. Scaramucci’s message is that the September dips do not mean disaster. According to him, the long-term direction remains certain, and the Bitcoin price is still on track for significant gains as the year progresses.
Featured image from DALL.E, chart from Tradingview.com
Credit: Source link
