Bitcoin Set to Soar Following Fed Rate Cut: Anthony Scaramucci’s Bold BTC Prediction

According to Bloomberg, hedge fund manager and founder of SkyBridge Capital, Anthony Scaramucci, has made an optimistic prediction for Bitcoin (BTC), suggesting that the cryptocurrency could reach new all-time highs.

Scaramucci points to anticipated Federal Reserve rate cuts and a clearer regulatory environment in the U.S. as potential catalysts for a significant increase in Bitcoin’s price. He speculates that the Fed might cut borrowing costs by half a point on Wednesday, contributing to a total reduction of at least 150 basis points over the next 18 months.

He stated that this action would likely be very beneficial for asset prices both in the U.S. and globally, projecting that Bitcoin could reach $100,000 by the end of the year.

Previously, Bitcoin achieved an all-time high of $73,798 in mid-March, partially driven by demand for U.S. exchange-traded funds (ETFs), although its momentum slowed as ETF inflows decreased.

As the Federal Reserve’s interest rate announcement approaches, cryptocurrencies have shown mixed price movements. While a rate cut appears to be imminent, traders remain uncertain about the extent of the reduction. Investors are keenly watching for indications of the Fed’s interest rate strategy for the remainder of the year, as well as the possibility of further cuts.

Fed Chairman Jerome Powell is set to hold a press conference following the meeting, which could provide additional insights into the central bank’s current outlook.

In the meantime, Bitcoin experienced a notable rise during Tuesday’s trading session before the Fed meeting, fueled by optimism over the anticipated rate cut. The leading cryptocurrency peaked at $61,373 during the session, marking its highest price in three weeks before settling just below $60,000 with a 1.18% increase over the last 24 hours.

Crypto analyst Ali Martinez mentioned that Bitcoin might see a slight pullback, given that the TD Sequential indicator has generated a sell signal on the BTC one-hour chart. On the upside, on-chain resistance levels are somewhat evenly distributed, with a significant level at $64,000, which currently has 1.57 million addresses holding positions at a loss.