Bitcoin has been stuck in a tight range for the past week or so. After the big correction that took BTC from above $70,000 down to near $59,000, the price has mostly consolidated between $63,000 and $65,000.
It is precisely this kind of environment, however, that often separates long-term conviction from short-term panic.
Anthony Scaramucci, founder of SkyBridge Capital, just posted a detailed thread on X outlining five reasons he remains “long” Bitcoin despite the correction. He framed the drawdown as a temporary leverage flush, not a fundamental change.
Let us break down each of his five points and give an honest assessment of whether they still hold water.
What you'll learn 👉
Reason 1: The 21 Million Cap – The Only Asset No Government Can Debase
Scaramucci calls Bitcoin “the only asset no government can debase”. He emphasizes that the 21 million supply cap is “enforced by code” rather than “promises”. In a world where U.S. gross national debt recently surpassed $37 trillion, that distinction matters.
Our take: This is the foundational argument for Bitcoin’s long-term value, and it remains as valid today as it was when BTC traded at $120,000. No central bank can print Bitcoin. No government can inflate away the supply. The current price drop does not change that reality.
If you believe fiat currencies will continue to debase, then Bitcoin’s fixed supply is a compelling reason to hold. The only caveat is that this is a multi-year thesis, not a short-term catalyst. It does not tell you when the price will recover, but it does tell you why the asset has intrinsic scarcity.
5 reasons I’m still long Bitcoin:
— Anthony Scaramucci (@Scaramucci) June 20, 2026
1.The only asset no government can debase. 21M cap, enforced by code — not promises. In a $37T-debt world, that’s the whole thesis.
2.This selloff is forced sellers — miners covering costs, leverage unwinding — not broken fundamentals.
3.The…
Reason 2: This Selloff Is Forced Selling, Not Broken Fundamentals
Scaramucci argues that the current correction has been driven largely by forced selling rather than a deterioration in Bitcoin’s underlying value. He points to “miners covering costs” and “leverage unwinding” as the primary sources of pressure.
Our take: This is a crucial distinction. The drop from $70,000 to $59,000 was not caused by a regulatory ban, a technological failure, or a loss of confidence in the network. It was triggered by macro headwinds (Bitcoin ETF outflows, geopolitical tensions, and a broad risk-off sentiment) which forced leveraged positions to unwind.
Miners, facing lower revenues after the halving, have been selling to cover operational costs. These are temporary sellers, not permanent bears. Once the selling pressure subsides, the fundamental demand drivers remain intact.
Reason 3: The Institutional Rails Built Since 2024 Are Permanent
Scaramucci highlights that the infrastructure built over the past two years “does not disappear because price fell”. He calls that institutional floor “permanent”.
Our take: This is arguably his strongest point. The spot Bitcoin ETFs that launched in early 2024 now hold over a million BTC combined. Major asset managers like BlackRock, Fidelity, and Morgan Stanley have built entire divisions around crypto. Custody solutions, trading desks, and regulatory frameworks are now in place.
None of that vanishes because Bitcoin dropped 50%. The institutional rails are real, they are deep, and they provide a structural bid for the asset. When the macro environment improves, that infrastructure will amplify the recovery. Scaramucci is right to promote this.
Read also: Crypto Veteran Predicts the XRP Price If Bitcoin Hits $200K
Reason 4: The Upside Against Gold Is a Multiple, Not a Percentage
Scaramucci notes that Bitcoin’s market cap is roughly $1.3 trillion, compared to gold’s $29 trillion. He argues that capturing even 10% of gold’s role would be “a multiple, not a percentage”.
Our take: The math is simple and compelling. If Bitcoin ever absorbs just 10% of gold’s store-of-value function, its market cap would increase by roughly $2.9 trillion, pushing the price well above $200,000. That is not a small move. It is a multi-bagger from current levels. The argument has been made for years, and it has not been invalidated.
Bitcoin’s volatility and recent underperformance relative to gold do not change the long-term addressable market. The question is not whether Bitcoin could get gold’s market share, but when and how fast. Scaramucci’s point is that the potential upside is so large that the current price is a discount.
Reason 5: Maximum Pessimism Is the Entry Point
Scaramucci concludes that “max pessimism is the entry point”. He notes that every bottom has looked like this, with fear and capitulation dominating the narrative.
Our take: This is the most psychologically difficult but historically accurate point. The best buying opportunities in Bitcoin’s history (2015, 2018, 2020, and 2022) all occurred when sentiment was at its most bearish. The current “Extreme Fear” reading is exactly the kind of sentiment that has preceded major reversals.
Scaramucci is not saying the bottom is in; he is saying that fear is not a reason to sell. It is often a reason to buy. For long-term holders, the current environment is uncomfortable but familiar. The crowd is pessimistic, the price is range-bound, and the fundamentals are still intact.
Where Could Bitcoin Price Go From Here?
Scaramucci has previously projected Bitcoin could reach $170,000 by mid-2026 and $200,000 by the end of the year. Those targets now appear extremely ambitious given the 50% drop from the peak. However, he and Galaxy Digital CEO Mike Novogratz recently predicted Bitcoin could reclaim $70,000 by the end of July, which they said could help revive bullish sentiment.
For now, Bitcoin remains stuck in the $63,000-$65,000 range. The $65,000 level is acting as resistance, while $63,500 has provided support. A breakout above $65,000 could open a path toward $67,200 and eventually $70,000. A breakdown below $60,000 would likely trigger another wave of selling toward $59,300 or lower.
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