Skybridge Capital founder and managing partner Anthony Scaramucci has recently made a bolt Bitcoin price prediction, revealing he believes that BTC’s upcoming halving event will be a major catalyst for its growth and pointed to a $170,000 price target per coin.

Scaramucci’s prediction is based on historical Bitcoin halving cycles and the cryptocurrency’s performance after them. During the Scott Melker podcast, he noted that the day that Bitcoin halving, “multiply [its value] by four 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”

The founder of Skybridge Capital added that using the $35,000 figure, Bitcoin’s price could reach $50,000 by April – the month the halving is expected to occur – and then multiply by four over the next 18 months to reach the $200,000 mark. He added that if the price reaches $60,000 by the halving, it could touch $240,000.

Scaramucci’s current $170,000 target is based on a hypothetical halving price of $35,000, while his long-term price target predicts Bitcoin could reach half of gold’s market capitalization, bringing BTC to $400,000 per token.

Bitcoin is at the time of writing trading at $43,400 after rising nearly 3% over the last 24-hour period. The cryptocurrency’s price has recovered from the collapse of the Terra ecosystem and of FTX during the bear market, and recently surged over the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.

Before BlackRock got the green light for its spot bitcoin ETF on January 11, Scaramucci revealed that Skybridge Capital was the first external investor in the fund. BlackRock’s CEO Larry Fink used to be doubtful about Bitcoin as an asset class but has since declared himself “a big believer.”

BlackRock’s spot Bitcoin ETF, IBIT, has been leading the market when it comes to these funds and became the first spot BTC ETF in the United States to see its assets under management surpass $2 billion.

Featured image via Pexels.