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Anthony Scaramucci, hedge fund manager and founder of SkyBridge Capital, has made a bold prediction about Bitcoin (BTC), predicting that the cryptocurrency could reach new all-time highs, according to Bloomberg.
According to Scaramucci, the combination of an expected Federal Reserve interest rate cut and a clearer regulatory framework in the United States could be a key catalyst for a significant rise in Bitcoin prices.
Scaramucci thinks the Fed could cut borrowing costs by half a percentage point on Wednesday as part of a cut of at least 150 basis points over the next 18 months.
Scaramucci said the move “would be very good for asset prices in the U.S. and globally,” adding that Bitcoin could reach $100,000 by the end of the year.
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Bitcoin hit an all-time high of $73,798 in mid-March, buoyed by demand from U.S. exchange-traded funds (ETFs), before its gains slowed as ETF inflows tapered off.
Fed interest rate decision expected
Cryptocurrency prices were mixed in early trading on Wednesday ahead of the Federal Reserve's interest rate announcement later that day. A rate cut is all but certain, but traders are divided on how much of a cut it will be.
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Investors are looking for signals about what the Fed's interest rate policy will be this year and whether further rate cuts are on the way.
Federal Reserve Chairman Jerome Powell is scheduled to hold a press conference after the meeting that may reveal new insights into the central bank's thinking.
Bitcoin reacts ahead of Fed interest rate decision
Bitcoin surged significantly in Tuesday's trading session as the Federal Reserve meeting got underway, raising optimism for an expected interest rate cut.
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The largest cryptocurrency by market cap rose to a high of $61,373 in Tuesday's trading session and hit a three-week high of $61,330 before giving up some of the gains and trading just below $60,000, but is up 1.18% over the past 24 hours.
According to crypto analyst Ali Martinez, Bitcoin may experience a small pullback after the TD Sequential indicator issued a sell signal on the BTC 1-hour chart.
Meanwhile, on the upside, on-chain resistance levels are relatively evenly distributed, with the key level to watch being $64,000, where 1.57 million addresses are currently in losses, according to IntoTheblock.
