SkyBridge Capital founder Anthony Scaramucci says it is possible for Bitcoin (BTC) to witness muted gains for the rest of this cycle.

In a new interview with independent journalist David Lin, Scaramucci says Bitcoin’s performance in the coming months will largely depend on President Trump’s trade war rhetoric.

According to Scaramucci, he sees BTC soaring to new all-time highs if Trump dials down on tariff threats. But he notes that the Bitcoin bull market could end with a whimper if Trump decides to double down.

“Bitcoin is being held back right now by the macro dilemma that we’re facing. I think people were expecting that President Trump would be pro-business and he’d be pro-growth for the stock market. I don’t think they were anticipating these starts and stops with the tariffs and this level of uncertainty.

If it gets calmer and it looks more like the 2017, 2021 Trump term, Bitcoin will get to $200,000 this year.

If you’re telling me we’re going to be in a protracted trade war and we’re going to be fighting with our European and Western allies, Bitcoin will probably hover near here, maybe get back to $100,000. But it is going to be very hard for Bitcoin to ascend to where I think it could go if we’re just in a more normal environment – normal being [the] proper intersection between government and finance.”

At time of writing, Bitcoin is trading for $85,338, up over 3% in the past day.

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