Bitcoin Bull Run 2024: Scaramucci Predicts $100K by December

Anthony Scaramucci, founder of SkyBridge Capital, has predicted that Bitcoin could soar to $100,000 by the end of 2024. In a recent interview with Bloomberg, Scaramucci highlighted two key factors driving this potential rise: anticipated interest rate cuts from the Federal Reserve and bipartisan support for pro-crypto legislation in the U.S.

Scaramucci has long been optimistic about Bitcoin, and his confidence is particularly high now. Let’s explore further.

Fed Rate Cuts: A Boost for Bitcoin?

According to Scaramucci, the Federal Reserve’s anticipated move to lower borrowing costs could give Bitcoin a significant boost. Scaramucci expects the Fed to cut rates by half a percentage point, with potential additional cuts of up to 150 basis points over the next 18 months. These cuts, combined with a more supportive regulatory environment, could benefit Bitcoin and other asset prices.

Another important factor behind Scaramucci’s bullish outlook is the expected pro-crypto legislation in the U.S. Congress. He believes that bipartisan support for crypto and stablecoin legislation is increasing, and he anticipates that such policies will be introduced in the next congressional term.

Scaramucci expects this legislation to pass in early 2024, providing the legal clarity needed to boost investor confidence and encourage wider adoption of digital assets. He sees this as a crucial turning point for the crypto industry, which could lead to a significant rally in Bitcoin’s price.

Bitcoin Bull Run on Horizon?

Bitcoin has already seen a 5% increase ahead of the Federal Reserve’s policy decision, which many believe could mark the beginning of a broader rally. Scaramucci’s prediction aligns with the growing sentiment that Bitcoin could see significant gains as the U.S. economy enters a period of lower interest rates and clearer regulatory guidelines. 

Recently, Bitcoin climbed to $61,000 before settling around $60,000. It’s up 7% in the past week but still down 10% over the past 60 days. At the time of writing, Bitcoin is trading at about $60,479, with a 24-hour trading volume increasing by 39% to $39 billion.

With these positive conditions, Scaramucci remains confident that Bitcoin could reach the six-figure mark by the end of 2024.

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Is Scaramucci’s prediction spot on, or is it too optimistic? Let us know what you think.