SkyBridge Capital founder Anthony Scaramucci maintains a long-term bullish stance on Bitcoin, advising investors to allocate roughly 30% of a new portfolio to the cryptocurrency. In an interview with Phil Rose on Thursday, Scaramucci attributed Bitcoin's recent correction largely to its historical four-year cycle and mining economics rather than weakening fundamentals. He emphasized that Bitcoin serves as the operating layer for the future of money and a digital store of value, advising investors to stay invested despite volatility.

Scaramucci outlined a diversified model portfolio that includes Bitcoin, AI investments, U.S. equities, real estate, and gold. While he remains highly convicted, he acknowledged the importance of continuously challenging his own investment assumptions. "I've been humbled by markets," Scaramucci said. "I could be wrong about Bitcoin."

Scaramucci's Bullish Case for Bitcoin

In the final week of June, Scaramucci outlined five reasons he remains bullish on Bitcoin despite the sharp sell-off. He argued that Bitcoin is the only asset immune to government debasement and that the recent decline was driven by forced selling rather than weakening fundamentals. Institutional adoption remains firmly intact, and periods of maximum pessimism often present attractive buying opportunities. Additionally, he noted that BTC capturing even 10% of gold's market role would imply significant upside.

AI as Long-Term Money Winners

Scaramucci compared today's AI leaders to Amazon during its early growth years, arguing that companies such as OpenAI and Anthropic are prioritizing infrastructure investment over near-term profitability. "They're money losers right now, but they're going to be long-term money winners," Scaramucci noted. He cautioned investors to expect significant volatility, including a potential 25% to 35% correction, but to remain focused on the broader secular trend.

Scaramucci acknowledged it is impossible to know whether markets are currently in a bubble until after it bursts. "When the bubble bursts, it is absolutely ruthless," he said. "It's punishing." He also weighed in on reports that OpenAI is exploring a potential government stake ahead of a future IPO.

Bitcoin has traded between $60,000 and $70,000 for 307 days, making it the third longest consolidation within any $10,000 price band in its entire history, according to Glassnode data. This extended period of price stability places the current range in rare historical company, as only the 2018 and 2022 bear markets have seen longer durations within specific price bands.

Historical Context of Consolidation

The current consolidation is notable because it occurs while Bitcoin sits roughly 50% below its October 2025 peak. The 2018 bear market locked the price between $10,000 and $20,000 for a longer duration, while the 2022 market did the same between $20,000 and $30,000. These are the only two stretches in Bitcoin's history that have outlasted the current range.

Market Indicators and Support Levels

The 200-week moving average currently runs at roughly $62,873, positioning it directly in the middle of the current trading range. Historically, every major bear market in Bitcoin's history has found a floor near this level. The few times the price broke below it, the drop was brief before recovering, suggesting that holding above this level prevents the long-term trend from breaking down.

On-chain data from Glassnode reveals that approximately 6% of Bitcoin's circulating supply last changed hands between $58,000 and $64,000. This concentration of buyers has created one of the largest cost-basis clusters in Bitcoin's history. The presence of these holders provides a clear incentive to defend their entry prices, explaining much of the support that has kept the price from breaking lower.

Future Outlook and Institutional Role

CryptoQuant CEO Ki Young Ju argued on X that Bitcoin's declining capital efficiency does not invalidate the bull case but rather alters the requirements for the next cycle. Historical comparisons show that in 2011, $2.7 billion in net capital inflows drove a 55,436% price increase, whereas this cycle, $697 billion produced a 689% return.

Ju stated that the next parabolic run likely requires deeper institutional allocation and for Bitcoin to become a core macro asset rather than a retail-driven ETF trade. With gold's market cap currently at $27 trillion, Ju suggested that absorbing $1 trillion or more in realized cap could make another parabolic run possible.