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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In line with Melker, Bitcoin’s current market cycle was uniquely completely different from others. He revealed that in past cycles, the market was swung between overly pessimistic and overly optimistic narratives. Nevertheless within the present market situations, principally optimistic and tangible narratives about Bitcoin are coming true.
Melker additionally highlighted a number of components that can contribute to Bitcoin’s bullish surge, predicting that BTC will attain $100,000 earlier than the tip of 2024. Contemplating Bitcoin’s price sits at $66,523 as of writing, this may require a 50.34% enhance.
Though the crypto analyst acknowledged {that a} rise to $100,000 appears formidable, he additionally believes that if the suitable situations are met through the later phases of the bull market, Bitcoin might obtain this substantial value enhance within the blink of an eye fixed. Throughout his publish, Melker urged crypto group members to “suppose greater,” probably suggesting that traders ought to keep bullish and anticipate extra from Bitcoin within the bull market.
Greatest Components Driving Bitcoin’s Bullish Surge
Whereas forecasting Bitcoin’s surge to $100,000 earlier than the 12 months’s finish, Melker compiled an extended record of a number of the greatest components that might propel Bitcoin increased. The analyst highlighted the chance for Spot Bitcoin ETFs to gasoline a value surge in Bitcoin.
He revealed that as extra inflows enter into Spot Bitcoin ETFs, it might create a gentle stream of upward value strain for Bitcoin. Melker additionally revealed that if former United States (US) President, Donald Trump wins the upcoming Presidential elections, it might push wealthy fund managers like Vanguard and Wells Fargo to enter the Spot Bitcoin ETFs market. This shift might end in 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 have been one other main issue that might propel Bitcoin’s value enhance. He famous that the attraction of diversifying into an asset class aside 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.
Moreover, Melker identified that the upcoming Bitcoin conference, the growth of tokenization and Real World Assets (RWAs) and the evolutionary revolutionary adjustments in stablecoins are important drivers behind Bitcoin’s bullish surge.
Melker additionally famous that if Trump wins the US presidential elections and delivers on his guarantees, it might ease america Securities and Trade Fee’s (SEC) anti-crypto stance and aggressive enforcement techniques on the trade. This could additionally in the end present extra readability of regulatory frameworks and jurisdictions for the crypto area.
Featured picture created with Dall.E, chart from Tradingview.com