Bitcoin Bull Run 2024: How Fed Interest Rate Cuts Could Propel BTC Price to $100K

The post Bitcoin Bull Run 2024: How Fed Interest Rate Cuts Could Propel BTC Price to $100K appeared first on Coinpedia Fintech News

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 been bullish on Bitcoin for a long time; this time, he is confident that BTC will be worth $100K soon. 

Rate Cuts to Power Bitcoin’s Surge

According to Scaramucci, the Federal Reserve’s expected move to reduce borrowing costs could provide significant tailwinds for Bitcoin. He anticipates that the central bank will cut rates by half a percentage point, with additional cuts of up to 150 basis points over the next 18 months. These cuts and a more favorable regulatory environment will benefit asset prices, including Bitcoin.

Scaramucci emphasized that bipartisan support for crypto and stablecoin legislation is growing in the U.S. He expects pro-crypto policies to be introduced in the next congressional term, which could further boost Bitcoin’s value. In his view, this combination of rate cuts and regulatory clarity could create the perfect environment for Bitcoin to reach six figures by the end of next year.

Pro-Crypto Legislation on the Horizon

Another major factor behind Scaramucci’s bullish outlook is the expected pro-crypto legislation in the U.S. Congress. He believes bipartisan support is growing, and the next congressional term will bring regulatory clarity on cryptocurrency and stablecoins.

This legislation, which Scaramucci predicts will pass in early 2024, would provide the legal framework needed to boost investor confidence and encourage broader adoption of digital assets. He sees this as a critical turning point for the entire crypto industry, which could trigger a massive rally in Bitcoin.

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. 

Moreover, Bitcoin recently surged to $61,000 before returning to the $60,000 range. It’s up 7% in the past week but still down 10% over the past 60 days. At the time of writing, Bitcoin trades at around $60,479, with a 24-hour trading volume jumping by 39% to reach $39 billion.

With these favorable conditions, Scaramucci is confident that Bitcoin could hit the six-figure mark by the end of 2024.