Bitcoin (BTC) Could Hit $70K by July: Scaramucci and Novogratz Weigh In

Key Takeaways

• SkyBridge Capital’s Anthony Scaramucci and Galaxy Digital’s Mike Novogratz forecast Bitcoin hitting $70,000 by July 2026’s conclusion
• Galaxy CEO assigns 70% probability if Washington advances the CLARITY Act legislation
• Technical analysts identify $64,000–$65,000 as critical resistance level for potential $68,000 rally
• Bitcoin ETFs attracted $85.85 million in net inflows on Sunday, with BlackRock’s IBIT leading the charge
• SpaceX’s massive $2.1 trillion valuation and Strategy’s ongoing Bitcoin accumulation creating market dynamics

Two heavyweight crypto investors have voiced optimism about Bitcoin’s near-term trajectory. Anthony Scaramucci, who heads SkyBridge Capital, and Mike Novogratz, CEO of Galaxy Digital, both expressed confidence that Bitcoin could climb back to $70,000 before July 2026 ends. The forecast emerged during their recent All Things Markets discussion.

According to Scaramucci, the cryptocurrency market has become excessively bearish on Bitcoin. He argues this level of negative sentiment typically creates conditions for substantial price recovery when new capital enters the market.

Novogratz echoed the optimistic outlook while adding nuance to his prediction. He estimated approximately 70% probability for reaching $70,000, but emphasized that regulatory developments—specifically the CLARITY Act—will play a decisive role in determining whether this target materializes this summer.

Regulatory Framework Remains Critical Variable

The proposed CLARITY Act represents an effort to establish comprehensive regulatory guidelines for digital assets across the United States. Novogratz revealed he recently conducted meetings with legislators from both major political parties and found continued bipartisan support for advancing the legislation.

Nevertheless, negotiations have stalled over several contentious points, including ethics provisions and how the law should address privacy-focused blockchain tools. Galaxy Digital has revised its assessment downward to 60% likelihood of passage in 2026, citing limited legislative calendar space before Congress breaks for August recess.

Analysts from JPMorgan and Bitwise have similarly expressed tempered expectations regarding the bill’s passage timeline. The legislative window before summer recess continues to shrink.

Both market veterans connected Bitcoin’s potential performance to America’s fiscal situation. Novogratz noted the nation holds approximately $40 trillion in outstanding debt and may require sustained moderate inflation to diminish the real burden over time. This macroeconomic backdrop strengthens the investment thesis for Bitcoin as a scarce digital asset.

SpaceX Debut and Strategy Moves Shape Market Context

The discussion also examined SpaceX’s entry into public markets. The aerospace company’s offering generated demand exceeding $250 billion—nearly quadruple its fundraising target. SpaceX shares climbed almost 19% on debut day, pushing its market capitalization beyond $2.1 trillion.

ARK Invest acquired approximately $444 million worth of SpaceX equity. This substantial allocation has sparked debate about whether investment flows are shifting from cryptocurrency toward major tech IPOs.

Strategy’s recent Bitcoin transactions also drew attention. The corporate treasury operator sold 32 Bitcoin before purchasing 1,550 Bitcoin shortly thereafter. The company’s aggregate position now totals 845,256 Bitcoin.

From a chart analysis perspective, one prominent crypto technician indicated Bitcoin requires a decisive move above the $64,000–$65,000 resistance zone to establish momentum toward $68,000. Failure to break through could result in a pullback to test support near $61,000.

Sunday’s data from SoSoValue showed spot Bitcoin ETFs collecting $85.85 million in net inflows. BlackRock’s IBIT product dominated with $57.69 million, while Fidelity’s FBTC added $18 million. The combined assets under management for all spot Bitcoin ETFs currently total $79.65 billion.

Scaramucci concluded that should selling momentum diminish, the prevailing pessimistic market sentiment could paradoxically serve as a positive catalyst for Bitcoin price appreciation.

The post Bitcoin (BTC) Could Hit $70K by July: Scaramucci and Novogratz Weigh In appeared first on Blockonomi.