Scaramucci’s Bold Bitcoin Prediction

According to Bloomberg, hedge fund manager and SkyBridge Capital founder, Anthony Scaramucci, has made a bold prediction for Bitcoin (BTC), forecasting that the cryptocurrency might reach new all-time highs.

Potential Catalysts for Bitcoin’s Surge

Scaramucci suggests that expected Federal Reserve rate cuts and a clearer regulatory framework in the U.S. could significantly boost Bitcoin prices. He believes that the Fed will likely reduce borrowing costs by a half point on Wednesday, contributing to an overall decrease of at least 150 basis points over the following 18 months.

He stated, “This move is going to be really good for asset prices in the US and globally,” adding that Bitcoin may reach $100,000 by the end of the year.

Bitcoin recently hit an all-time high of $73,798 in mid-March, propelled by demand for U.S. exchange-traded funds (ETFs). However, this surge slowed as ETF inflows decreased.

Fed Rate Decision Anticipated

Cryptocurrency markets were experiencing mixed price action in early Wednesday trading ahead of the Federal Reserve’s interest rate announcement expected later in the day. While a rate cut appears imminent, traders are divided on the extent of the reduction.

Investors seek signals regarding the Fed’s interest rate policy for the rest of the year and the possibility of further cuts.

Fed Chairman Jerome Powell is set to hold a post-meeting press conference that may provide insights into the central bank’s strategy.

Bitcoin’s Market Reaction

Bitcoin saw significant gains on Tuesday, coinciding with the start of the Fed meeting and growing optimism about a forthcoming rate cut. The largest cryptocurrency by market capitalization reached a high of $61,373 on Tuesday, marking its highest price in three weeks, although it later pulled back slightly to trade just below $60,000, still up 1.18% in the last 24 hours.

Crypto analyst Ali Martinez noted that Bitcoin might experience a minor pullback after the TD Sequential indicator produced a sell signal on the BTC one-hour chart.

On the upside, on-chain resistance levels are notably spread, with a key level to watch at $64,000, where 1.57 million addresses are currently holding at a loss.

This article was originally published on U.Today