Anthony Scaramucci, founder of SkyBridge Capital, believes there may be one positive sign in Bitcoin’s current bear market: the price decline has been much smaller than the steep drops seen in previous market cycles.
Speaking at the Wyoming Blockchain Symposium, Scaramucci described the current situation as a clear Bitcoin bear market. However, he pointed out that Bitcoin has fallen around 50% from its all-time high, while past bear markets often saw declines of 75% to 80%.
Bitcoin reached a record high of about $126,000 in October 2025 before dropping below $60,000 earlier this year. Since then, the cryptocurrency has recovered somewhat and is now trading around $64,000.
According to Scaramucci, the smaller decline could suggest that more long-term investors are holding onto their Bitcoin rather than selling during market weakness. He believes this could be a sign of a stronger and more resilient market compared to previous cycles.
He also said that part of Bitcoin’s recent struggles may be linked to investor interest shifting toward artificial intelligence. As AI-related companies and technologies attracted large amounts of investment, some money that might have gone into cryptocurrencies instead moved into the AI sector.
Scaramucci noted that several Bitcoin mining companies have also expanded into AI-related businesses, using their infrastructure for data centers and high-performance computing services.
Looking ahead, he remains optimistic about Bitcoin’s long-term future. He believes the next Bitcoin halving cycle could help push prices higher again and expects Bitcoin to eventually move back above $100,000. However, he did not give a specific timeline and acknowledged that prices could remain sluggish in the short term.
While some market analysts see signs that Bitcoin may be entering a new accumulation phase, there is still uncertainty. Factors such as investor demand, economic conditions, interest rates, and investment flows will continue to influence the market.
For now, Bitcoin remains well below its record high, but Scaramucci argues that the smaller decline compared to previous bear markets could be an encouraging sign for long-term investors.
