Scaramucci and Novogratz See Bitcoin Rebound Toward $70K as ETF Demand Grows

Bitcoin could stage a recovery toward the $70,000 level by July, according to SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz. The two crypto industry leaders shared their outlook during a recent episode of All Things Markets, highlighting improving market conditions despite recent weakness in digital assets.

Scaramucci believes investor sentiment surrounding Bitcoin has become excessively bearish, creating the potential for a strong rebound if demand returns. He suggested that negative market sentiment often signals an opportunity for a recovery, especially when selling pressure begins to ease.

Novogratz also expressed optimism about Bitcoin’s price outlook but emphasized that regulatory developments could play a critical role. He noted that the proposed CLARITY Act in Washington may improve the chances of a Bitcoin rally if it advances this summer. However, he cautioned that the timing remains uncertain as lawmakers continue debating cryptocurrency regulations.

The discussion also touched on broader macroeconomic factors influencing the crypto market, including rising U.S. debt levels, inflation concerns, and long-term Social Security funding challenges. Both executives agreed that these economic themes could continue to support interest in Bitcoin as an alternative asset.

Meanwhile, market analysts are closely monitoring key technical levels. One analyst noted that Bitcoin is attempting to break above the $64,000 resistance zone. A decisive move beyond the $64,000–$65,000 range could trigger a rally toward $68,000 in the near term. However, failure to break resistance may result in a retest of support around $61,000.

Institutional demand remains a positive factor for the market. Data from SoSoValue shows spot Bitcoin ETFs recorded $85.85 million in net inflows, led by BlackRock’s IBIT and Fidelity’s FBTC. Total assets under management across Bitcoin ETFs have climbed to $79.65 billion, reflecting continued interest from institutional investors.

At the time of writing, Bitcoin was trading near $63,700. Technical indicators suggest momentum has slowed, with the MACD signaling weakening bullish strength while the RSI remains near neutral territory. For now, the key Bitcoin price prediction hinges on whether BTC can successfully break above the $65,000 level. A confirmed breakout could pave the way toward $70,000, while rejection may keep prices range-bound in the short term.