Bitcoin Bulls Eye $100K as Halving Cycle Looms

Bitcoin prices have surged over 8% in 24 hours, pushing above $69,000 for the first time since June. According to Anthony Scaramucci, this is just the beginning of a new upward trend that could see Bitcoin reach $100,000 again.

Scaramucci points to three factors behind Bitcoin's muted price action: some miners shifting computing power towards AI-related activities, capital moving away from crypto and into the booming AI sector, and the traditional four-year Bitcoin cycle. He notes that the market is now more than two years into this cycle, with roughly 18-19 months remaining until the next halving.

As the halving approaches, Scaramucci expects a reduction in new supply entering the market, potentially creating a supply squeeze and driving demand up.