Bitcoin could top $70,000 again by July say experts

Drivers behind the $70,000 outlook

Scaramucci argued that the current negative market sentiment is exaggerated and suggested that even a modest inflow could lift Bitcoin’s price. According to him, existing fatigue and weak sentiment in the market have created a suitable environment for a potential reversal.

Scaramucci said he sees a real chance of Bitcoin reaching $70,000 again by the end of July, noting that prevailing pessimism is overdone and even limited buying could send prices above this key threshold.

Novogratz echoed these views, with a key caveat: such a rally relies heavily on progress toward clearer regulations. He stressed that if expected regulatory transparency is achieved, bullish momentum could strengthen; otherwise, the outlook might weaken. Galaxy Digital is a US-based firm focusing on digital assets and blockchain-driven financial services.

Glossary: Regulatory clarity refers to precise laws and decisions that set out what rules market companies must follow. In crypto, clearer rules can directly affect institutional investors’ risk perception.

Inflation and debt in focus

Novogratz suggested that the growing US budget deficit and the nation’s $40 trillion debt burden could force policymakers to rely more heavily on inflation. He argued that this backdrop supports the narrative for Bitcoin and other assets with limited supply.

Novogratz explained that with $40 trillion in debt, economic growth alone is not enough to manage the load, which could make inflation the tool of choice to ease the debt burden and increase demand for hard assets.

At the same time, Novogratz cautioned that this approach carries serious risks. If public trust is shaken, inflation could spiral out of control, eroding not only debts but also private wealth. He believes today’s scenario highlights one of macroeconomics’ most fragile balancing acts.

Washington talks and waning optimism

Novogratz described having intense meetings in Washington aimed at advancing crypto regulation. In a single day, he met with eight senators and representatives, and saw willingness from both Democrats and Republicans to finalize regulation. He revealed that three issues in a comprehensive legislative package still need resolution.

Nevertheless, Novogratz struck a more cautious note compared to previous weeks, saying his optimism for a rapid breakthrough has diminished. Scaramucci was also doubtful that lawmakers would reach a compromise before the summer recess, highlighting how political gridlock may limit support from the opposition.

Saylor’s controversial trades

In the final segment of the program, the duo discussed Michael Saylor’s recent trades, after the executive first sold a small amount of Bitcoin and then made a major $101 million purchase. Novogratz suggested Saylor was attempting to manage company obligations and shift away from traditional dollarized debt.

Novogratz admitted that such moves might have sent mixed signals to the market, but emphasized that Saylor’s belief in Bitcoin sets him apart from most fund managers. He said Saylor genuinely sees Bitcoin’s long-term value rising, given governments’ persistent overspending.