Crypto Analyst Says ‘Think Bigger’, Bitcoin Price Is Headed To $100,000
July 20 2024 - 11:00AM
NEWSBTC
A crypto analyst has maintained a strong bullish stance for Bitcoin
(BTC), predicting that the pioneer cryptocurrency is heading
towards a fresh all-time high of $100,000. The analyst has shared
several factors that could propel Bitcoin to this lofty price
target. Bitcoin To Hit $100,000 In 2024 On July 19, crypto
analyst Scott Melker, also known as “The Wolf Of All Streets” on X
(formerly Twitter), informed his 958,300 followers that he was
extremely bullish on Bitcoin’s potential for a future price
increase. The analyst emphasized his long term optimistic stance
and investment on Bitcoin, highlighting that this bias keeps him
generally bullish on the cryptocurrency’s price outlook.
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$0.01? Expert Chimes In According to Melker, Bitcoin’s current
market cycle was uniquely different from others. He revealed that
in past cycles, the market was swung between overly pessimistic and
overly optimistic narratives. However in the current market
conditions, mostly positive and tangible narratives about
Bitcoin are coming true. Melker also highlighted several
factors that will contribute to Bitcoin’s bullish surge, predicting
that BTC will reach $100,000 before the end of 2024. Considering
Bitcoin’s price sits at $66,523 as of writing, this will require a
50.34% increase. Although the crypto analyst acknowledged
that a rise to $100,000 seems ambitious, he also believes that if
the right conditions are met during the later stages of the bull
market, Bitcoin could achieve this substantial price increase in
the blink of an eye. During his post, Melker urged crypto community
members to “think bigger,” possibly suggesting that investors
should stay bullish and expect more from Bitcoin in the bull
market. Biggest Factors Driving Bitcoin’s Bullish Surge While
forecasting Bitcoin’s surge to $100,000 before the year’s end,
Melker compiled a long list of some of the biggest factors that
could propel Bitcoin higher. The analyst highlighted the
possibility for Spot Bitcoin ETFs to fuel a price surge in Bitcoin.
He revealed that as more inflows enter into Spot Bitcoin ETFs, it
could create a steady stream of upward price pressure for Bitcoin.
Melker also revealed that if former United States (US) President,
Donald Trump wins the upcoming Presidential elections, it may push
wealthy fund managers like Vanguard and Wells Fargo to enter the
Spot Bitcoin ETFs market. This shift could result in up to $40
billion in inflows by the end of 2024. Related Reading:
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Suffering Losses? The crypto analyst also emphasized that Ethereum
Spot ETFs were another major factor that could propel Bitcoin’s
price increase. He noted that the appeal of diversifying into an
asset class other than Spot Bitcoin ETFs might drive up the price
of Ethereum. He also highlighted that Ethereum’s success following
the launch of its ETF will determine the pace at which new crypto
ETF filings like Solana ETFs will emerge. Furthermore, Melker
pointed out that the upcoming Bitcoin conference, the expansion of
tokenization and Real World Assets (RWAs) and the evolutionary
innovative changes in stablecoins are significant drivers behind
Bitcoin’s bullish surge. Melker also noted that if Trump wins
the US presidential elections and delivers on his promises, it
could ease the United States Securities and Exchange Commission’s
(SEC) anti-crypto stance and aggressive enforcement tactics on the
industry. This would also ultimately provide more clarity of
regulatory frameworks and jurisdictions for the crypto space.
Featured image created with Dall.E, chart from Tradingview.com
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