Bitcoin to $70K by July: Scaramucci, Novogratz back a BTC rebound
SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz say Bitcoin to $70K by July 2026 is plausible, with a key near-term driver being improving market sentiment and potential U.S. regulatory progress.
On SkyBridge’s “All Things Markets” episode, Scaramucci argued that Bitcoin to $70K by July could be triggered by overly negative positioning. He suggested fresh buying could push BTC back above $70,000 soon.
Novogratz was more measured, putting the odds at about “70/30” if the proposed U.S. CLARITY Act advances. He noted talks across party lines remain active, but some sticking points include ethics rules and the legal treatment of privacy software.
For macro context, Novogratz linked the Bitcoin thesis to the U.S. debt burden (around $40T). He said the U.S. may not be able to outgrow the debt without some sustained inflation, which supports Bitcoin as a hard-asset hedge—though he warned inflation risks if public trust deteriorates.
Market backdrop also turned riskier: the SpaceX IPO (described as a potential liquidity drain) drew massive demand, while crypto reportedly sold off around the same period. The episode also referenced Strategy’s small Bitcoin sale and later re-buy, with total holdings rising to 845,256 BTC.
Bottom line for traders: Bitcoin to $70K by July 2026 hinges on sentiment, CLARITY Act momentum, and whether large-tech IPO flows continue to siphon liquidity away from crypto.
Bullish
The article is constructive for BTC because two prominent crypto executives explicitly frame a path toward a “Bitcoin to $70K by July” outcome. Scaramucci’s argument is sentiment-driven (too negative, so a rebound is possible), while Novogratz adds a conditional catalyst: progress on the CLARITY Act (described as a 70/30 type scenario). Historically, when credible regulatory momentum aligns with improving positioning, BTC often sees faster upside follow-through.
However, the tone is not purely bullish. The piece highlights macro uncertainty (U.S. debt possibly requiring inflation—good for a hard-asset bid, but policy trust can break) and a competing liquidity narrative from large IPOs like SpaceX, which can pressure risk assets and crypto short-term.
Net effect for traders: short-term volatility remains likely around political/regulatory headlines and broader liquidity conditions (IPO/tech bid versus crypto). Long-term, if CLARITY Act momentum persists and the market continues to price BTC as an inflation/real-debt hedge, the thesis supports a higher probability of revisiting $70K. That’s why the impact is categorized as bullish rather than neutral.