The cryptocurrency analyst maintained a strong bullish stance on Bitcoin (BTC)predicting that the leading cryptocurrency is heading towards All time high $100,000. The analyst shared several factors that could push Bitcoin to this high price target.
Bitcoin will reach $100,000 in 2024
On July 19, cryptocurrency analyst Scott Melker, also known as “The Wolf of All Streets” on X (formerly Twitter), announced, I was informed His 958,300 followers confirm that he is very optimistic about Bitcoin’s potential. Price increase in the futureThe analyst reiterated his bullish long-term stance and investment in Bitcoin, noting that this bias makes him generally optimistic about the cryptocurrency’s price outlook.
Related reading
According to Melker, Current Bitcoin Market Cycle He was uniquely different from others. He revealed that in Past coursesThe market has oscillated between overly pessimistic and overly optimistic narratives. But under current market conditions, the positive and tangible narratives around Bitcoin are mostly coming true.
Melker also highlighted several factors that will contribute to: Bitcoin price surgesexpecting the price of Bitcoin to reach $100,000 before the end of 2024. Taking into account Bitcoin price The stock is trading at $66,523 at the time of writing, which would require a 50.34% upside.
Although the cryptocurrency analyst admitted that Rise to $100,000 It sounds ambitious, but he also believes that if the right conditions are met during the later stages of bull marketBitcoin could see such a huge price increase in the blink of an eye. In his post, Melker urged members of the crypto community to “think big,” which could suggest that investors should remain optimistic and expect more from Bitcoin in the bull market.
The most important factors that led to the rise in the price of Bitcoin
while Bitcoin price prediction With Bitcoin expected to hit $100,000 before the end of the year, Melker has compiled a long list of some of the key factors that could drive the price higher. The analyst highlighted the possibility of spot Bitcoin ETFs fueling the price rally.
He revealed that the more Flows into Spot Bitcoin ETFsThis could create a steady stream of upward pressure on the price of Bitcoin. Melker also revealed that if the former US president is elected, Donald Trump If he wins the next presidential election, he may pay Wealthy Fund Managers Like Vanguard and Wells Fargo to enter the Bitcoin spot ETF market. This shift could lead to inflows of up to $40 billion by the end of 2024.
Related reading
The cryptocurrency analyst also confirmed that, Ethereum ETFs There was another major factor that could drive Bitcoin’s price higher. He pointed out that the appeal of diversifying into an asset class other than spot Bitcoin ETFs could drive Bitcoin’s price higher. Ethereum priceHe also stressed that the success of Ethereum after launching its exchange-traded fund will determine the pace of applications for new crypto ETFs such as Solana ETFs Will appear.
Moreover, Melker pointed out that the coming period Bitcoin Conferenceexpanding the scope of symbolism and Real-world assets (RWAs) Innovative evolutionary changes in stablecoins are important drivers behind the massive rise in Bitcoin.
Melker also noted that if Trump wins US presidential election If he follows through on his promises, it could ease pressure from the SEC. Anti-cryptocurrency stance and aggressive law enforcement tactics on the industry. This will ultimately provide more clarity to the regulatory frameworks and jurisdictions of the crypto space.
Featured image created using Dall.E, chart from Tradingview.com