Scaramucci and Novogratz forecast Bitcoin rebound to $70,000

With Bitcoin sentiment souring, SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz are betting on a recovery to $70,000 by the end of July. The duo argues that extreme market pessimism creates a coiled spring effect, potentially launching the asset back toward its previous highs.

Scaramucci points to overly negative market mood as the primary catalyst, suggesting that even modest buying pressure could trigger a swift breakout. Novogratz offers a more tempered outlook, placing the probability of reaching that target at 70% contingent on legislative progress. He highlights the CLARITY Act as a critical variable, though he acknowledges that persistent gridlock in the Senate regarding privacy software and ethics rules has dampened expectations for a swift passage.

Beyond crypto-specific regulation, the conversation centered on the broader macroeconomic environment. Novogratz contends that the United States, burdened by $40 trillion in debt, faces a future where controlled inflation becomes a necessary tool to erode the real value of government obligations. This structural outlook reinforces the long-term thesis for Bitcoin as a scarce, hard asset. However, the asset faces stiff competition for liquidity. The recent SpaceX IPO, which drew over $250 billion in orders, has diverted investor attention and capital, adding pressure to a crypto market that shed roughly $250 billion during the June selloff.