Bitcoin could be on track for a major comeback in the coming weeks, according to two of the most recognized names in the crypto industry. SkyBridge Capital founder Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz believe the world’s largest cryptocurrency has a realistic chance of reclaiming the $70,000 level before the end of July 2026.
The prediction came during the latest episode of All Things Markets, where the pair discussed Bitcoin, U.S. debt, inflation, crypto regulation, SpaceX’s blockbuster IPO, and Strategy’s latest Bitcoin transactions.
Negative Sentiment Could Trigger a Bitcoin Rally
Scaramucci argued that the current mood surrounding Bitcoin has become excessively bearish, creating conditions for a potential rebound.
According to him, market sentiment has shifted so far into negative territory that even a modest wave of new buying could push Bitcoin back above the key $70,000 mark. He suggested that investors may be underestimating the possibility of a sharp recovery if confidence begins returning to the market.
Novogratz shared a similar outlook but took a more cautious approach. He estimated the odds of Bitcoin reaching $70,000 by the end of July at roughly “70/30,” with much depending on regulatory developments in Washington.
U.S. Debt and Inflation Remain Key Drivers
A major part of Novogratz’s Bitcoin thesis centers on America’s growing debt burden.
He noted that the United States now carries approximately $40 trillion in debt and argued that economic growth alone may not be enough to solve the problem. In his view, policymakers could rely on persistent inflation to gradually reduce the real value of that debt over time.
For Bitcoin supporters, that argument strengthens the case for scarce assets. Historically, concerns about inflation, government debt, and currency purchasing power have encouraged investors to seek alternatives such as Bitcoin.
However, Novogratz also warned that inflation can become difficult to manage if public confidence in economic policy weakens.
CLARITY Act Could Be a Major Catalyst
The discussion also focused on the CLARITY Act, proposed legislation designed to establish clearer rules for the U.S. crypto industry.
Novogratz said he recently met with lawmakers from both political parties and remains optimistic that there is still support for advancing the bill. However, he acknowledged that several unresolved issues continue to slow progress.
Among the sticking points are ethics-related provisions and legal questions surrounding privacy-focused software. Earlier reports indicated that Galaxy lowered its estimate for the bill’s passage in 2026 to 60% as the Senate faces increasing time constraints before the August recess.
SpaceX IPO and Strategy Trades Impact Crypto Markets
The conversation began with the highly anticipated SpaceX public offering, which some investors view as a potential competitor for market liquidity.
Reports indicate that the SpaceX offering attracted more than $250 billion in investor orders, nearly four times the amount targeted by the company. At the same time, the crypto market had already shed roughly $250 billion during June’s downturn.
Additional attention came after ARK reportedly purchased around $444 million worth of SpaceX shares. The stock ended its first trading day nearly 19% above its IPO price, pushing the company’s valuation beyond $2.1 trillion.
Scaramucci and Novogratz also discussed recent activity by Strategy. The company briefly sold 32 BTC before later purchasing 1,550 BTC, increasing its total Bitcoin holdings to 845,256 BTC. Executive Chairman Michael Saylor also highlighted Common Equity Bitcoin Exposure BPS as a key metric for investors evaluating risk.
With regulatory developments, inflation concerns, and institutional activity all in focus, the next few weeks could prove crucial for Bitcoin’s path toward the widely discussed $70,000 level.
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