Bitcoin
Cryptocurrency Analyst Says ‘Think Bigger’ Bitcoin Price Is Approaching $100,000
A cryptocurrency analyst has maintained a strong bullish stance on Bitcoin (BTC)predicting that the pioneering cryptocurrency is heading towards a new historical record of $100,000. The analyst shared several factors that could propel Bitcoin to this lofty price target.
Bitcoin will hit $100,000 by 2024
On July 19, cryptocurrency analyst Scott Melker, also known as “The Wolf of All Streets” on X (formerly Twitter), informed his 958,300 followers that he was extremely optimistic about Bitcoin’s potential for a future price increase. The analyst emphasized his long-term bullish stance and investment in Bitcoin, noting that this bias keeps him generally optimistic about the cryptocurrency’s price outlook.
According to Melker, Bitcoin’s Current Market Cycle was exceptionally different from the others. He revealed that in past cyclesThe market has oscillated 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 Bullish Surgepredicting that BTC will hit $100,000 before the end of 2024. Considering Bitcoin Price is at $66,523 at the time of writing, which will require a 50.34% increase.
Although the cryptocurrency 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 marketBitcoin could achieve this substantial price increase in the blink of an eye. During his post, Melker urged members of the crypto community to “think bigger,” possibly suggesting that investors should remain optimistic and expect more from Bitcoin in the bull market.
Biggest Factors Driving Bitcoin’s Bullish Surge
While predicting the rise of Bitcoin to $100,000 before the end of the year, Melker compiled a long list of some of the biggest factors that could push Bitcoin higher. The analyst highlighted the possibility of spot Bitcoin ETFs fueling a price surge in Bitcoin.
He revealed that the more inflows into Bitcoin Spot ETFscould create a steady stream of upward price pressure for Bitcoin. Melker also revealed that if former United States (US) President Donald Trump winning the next presidential election could boost rich fund managers like Vanguard and Wells Fargo to enter the spot Bitcoin ETF market. This move could result in up to $40 billion in inflows by the end of 2024.
The cryptocurrency analyst also emphasized that Ethereum Spot ETFs were another important factor that could drive Bitcoin’s price rise. He noted that the appeal of diversification into an asset class other than Spot Bitcoin ETFs could boost the Ethereum price. He also highlighted that the success of Ethereum following the launch of its ETF will determine the pace at which new cryptocurrency ETF registrations such as Solana ETFs will arise.
Furthermore, Melker highlighted that the next Bitcoin Conferencethe expansion of tokenization and Real World Assets (RWAs) and evolutionary innovative changes in stablecoins are significant drivers behind Bitcoin’s bullish surge.
Melker also noted that if Trump wins US presidential election and deliver on its promises, could ease pressure from the U.S. Securities and Exchange Commission (SEC) anti-crypto stance and aggressive enforcement tactics in 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