In a recent analysis, renowned crypto analyst Scott Melker, also known as “The Wolf Of All Streets,” has expressed a strong bullish outlook for Bitcoin (BTC). Melker, with a substantial following of 958,300 on X (formerly Twitter), believes that Bitcoin is poised to reach a fresh all-time high of $100,000. Despite the current price of Bitcoin hovering around $66,523, Melker predicts a significant 50.34% increase before the end of 2024.
Melker argues that the current market cycle for Bitcoin is vastly different from previous ones. Unlike past cycles, where narratives swung between extreme pessimism and optimism, the present market conditions are predominantly positive and tangible. This shift in sentiment could play a crucial role in propelling Bitcoin towards its ambitious price target.
Several factors have been identified by Melker that could fuel Bitcoin’s bullish surge. One key catalyst is the potential for Spot Bitcoin ETFs to stimulate a price increase in Bitcoin. As more capital flows into Spot Bitcoin ETFs, it could create a consistent upward pressure on Bitcoin’s price. Melker suggests that if major fund managers like Vanguard and Wells Fargo enter the Spot Bitcoin ETF market, it could result in inflows of up to $40 billion by 2024.
Melker also highlights the impact of Ethereum Spot ETFs on Bitcoin’s price trajectory. The diversification appeal of investing in assets beyond Spot Bitcoin ETFs could drive demand for Ethereum, influencing Bitcoin’s price positively. Additionally, the success of Ethereum ETFs may pave the way for new crypto ETF filings, such as Solana ETFs, which could further boost market sentiment.
The anticipation of significant events and developments within the crypto industry also plays a vital role in Melker’s bullish thesis. The upcoming Bitcoin conference, along with the increasing trend of tokenization and Real World Assets (RWAs), are expected to contribute to Bitcoin’s upward momentum. Moreover, evolutionary changes in stablecoins and their growing adoption could further enhance Bitcoin’s bullish trajectory.
Melker speculates that the outcome of the US presidential elections, particularly if Donald Trump were to win, could have implications for Bitcoin. A Trump victory and his promises to ease regulatory hurdles and enforcement tactics by the United States Securities and Exchange Commission (SEC) could create a more favorable environment for cryptocurrencies, including Bitcoin.
Scott Melker’s optimistic outlook for Bitcoin presents a compelling case for the cryptocurrency’s potential price surge to $100,000. While some of the factors he mentions may seem ambitious, the evolving market dynamics and favorable conditions could align to propel Bitcoin to new heights. Investors and enthusiasts are advised to “think bigger” and anticipate further growth and innovation in the cryptocurrency space.
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