A crypto analyst has maintained a powerful bullish stance for Bitcoin (BTC), predicting that the pioneer cryptocurrency is heading in the direction of a fresh all-time high of $100,000. The analyst has shared a number of components that might propel Bitcoin to this lofty value goal.
Bitcoin To Hit $100,000 In 2024
On July 19, crypto analyst Scott Melker, often known as “The Wolf Of All Streets” on X (previously Twitter), informed his 958,300 followers that he was extraordinarily bullish on Bitcoin’s potential for a future price increase. The analyst emphasised his long run optimistic stance and funding on Bitcoin, highlighting that this bias retains him typically bullish on the cryptocurrency’s value outlook.
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According to Melker, Bitcoin’s current market cycle was uniquely totally different from others. He revealed that in past cycles, the market was swung between overly pessimistic and overly optimistic narratives. However within the present market circumstances, largely constructive and tangible narratives about Bitcoin are coming true.
Melker additionally highlighted a number of components that may contribute to Bitcoin’s bullish surge, predicting that BTC will attain $100,000 earlier than the tip of 2024. Considering Bitcoin’s price sits at $66,523 as of writing, this can require a 50.34% improve.
Although the crypto analyst acknowledged {that a} rise to $100,000 appears bold, he additionally believes that if the fitting circumstances are met in the course of the later levels of the bull market, Bitcoin may obtain this substantial value improve within the blink of a watch. During his put up, Melker urged crypto neighborhood members to “think bigger,” probably suggesting that buyers ought to keep bullish and count on extra from Bitcoin within the bull market.
Biggest Factors Driving Bitcoin’s Bullish Surge
While forecasting Bitcoin’s surge to $100,000 earlier than the yr’s finish, Melker compiled an extended listing of a number of the largest components that might propel Bitcoin increased. The analyst highlighted the likelihood for Spot Bitcoin ETFs to gasoline a value surge in Bitcoin.
He revealed that as extra inflows enter into Spot Bitcoin ETFs, it may create a gentle stream of upward value stress for Bitcoin. Melker additionally revealed that if former United States (US) President, Donald Trump wins the upcoming Presidential elections, it could push wealthy fund managers like Vanguard and Wells Fargo to enter the Spot Bitcoin ETFs market. This shift may lead to as much as $40 billion in inflows by the tip of 2024.
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The crypto analyst additionally emphasised that Ethereum Spot ETFs had been one other main issue that might propel Bitcoin’s value improve. He famous that the enchantment of diversifying into an asset class apart from Spot Bitcoin ETFs may drive up the price of Ethereum. He additionally highlighted that Ethereum’s success following the launch of its ETF will decide the tempo at which new crypto ETF filings like Solana ETFs will emerge.
Furthermore, Melker identified that the upcoming Bitcoin conference, the growth of tokenization and Real World Assets (RWAs) and the evolutionary progressive modifications in stablecoins are vital drivers behind Bitcoin’s bullish surge.
Melker additionally famous that if Trump wins the US presidential elections and delivers on his guarantees, it may ease the United States Securities and Exchange Commission’s (SEC) anti-crypto stance and aggressive enforcement techniques on the business. This would additionally finally present extra readability of regulatory frameworks and jurisdictions for the crypto area.
Featured picture created with Dall.E, chart from Tradingview.com
