Anthony Scaramucci: Bitcoin Is 'Technically Oversold' At Current Levels

SkyBridge Capital’s Anthony Scaramucci believes that Bitcoin BTC/USD is technically oversold at its current trading levels.

What Happened: In a recent speech at the Collision conference in Toronto seen by CoinDesk, Scaramucci said investors could look back on Bitcoin, and crypto is oversold, given the network’s exponential growth in wallet activity and use cases across the board.

“Investors may look back and recognize bitcoin being a very cheap asset that we can take advantage of because of certain people being over-levered in the system,” he said.

The former White House director of communications said that during times of macroeconomic periods of “easy money,” sectors like crypto have a tendency to do things that are excessive and overboard.

See Also: IS BITCOIN DEAD?

Last year, Scaramucci said his Bitcoin purchase was worth over $1 billion. At the time, Bitcoin was trading at around $62,000, closer to its all-time high ahead of $69,000.

Scaramucci said he began accumulating Bitcoin in 2020, therefore, it is likely that he is underwater on his purchase at the time of writing.

Price Action: As per data from Benzinga Pro, Bitcoin was trading at $21,130, up 2.22% over the last 24 hours. The leading digital asset is trading 70% below its all-time high.

Photo: Courtesy of Jdarsie via Wikimedia

Posted In: Anthony ScaramucciBitcoinCryptocurrencyLong IdeasNewsMarketsTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.