In a recent analysis, crypto analyst Scott Melker, also known as “The Wolf Of All Streets”, shared his bullish perspective on Bitcoin (BTC), predicting that the pioneer cryptocurrency could potentially reach a new all-time high of $100,000. With Bitcoin currently trading at $66,523, this would require a 50.34% increase.
Melker highlighted that the current market cycle for Bitcoin is distinct from previous ones. While past cycles fluctuated between overly pessimistic and overly optimistic narratives, the current market conditions are predominantly positive and tangible. This shift in sentiment could play a significant role in propelling Bitcoin’s price towards new heights.
Melker outlined several key factors that could contribute to Bitcoin’s upward trajectory. One of the factors he highlighted was the potential for Spot Bitcoin ETFs to drive a price surge in Bitcoin. As more inflows enter into Spot Bitcoin ETFs, it could create a continuous stream of upward price pressure for the cryptocurrency.
In addition to Bitcoin ETFs, Melker also pointed out the significance of Ethereum Spot ETFs in influencing Bitcoin’s price increase. The appeal of diversifying into assets such as Ethereum could lead to a rise in its price, subsequently impacting the pace at which new crypto ETF filings, like Solana ETFs, will emerge.
Furthermore, Melker highlighted the upcoming Bitcoin conference, the expansion of tokenization and Real World Assets (RWAs), and the innovative changes in stablecoins as significant drivers behind Bitcoin’s bullish surge. These events and advancements in the industry could play a crucial role in shaping Bitcoin’s future price movements.
Melker also mentioned the potential impact of political events, specifically the outcome of the US presidential elections. He suggested that if former President Donald Trump were to win the election, it could lead to wealthy fund managers entering the Spot Bitcoin ETF market, potentially resulting in significant inflows by the end of 2024. Additionally, if Trump were to deliver on his promises, it could ease the SEC’s anti-crypto stance and enforcement tactics, further benefiting Bitcoin.
While Melker’s prediction of Bitcoin reaching $100,000 may seem ambitious, the various factors he outlined present a compelling case for the cryptocurrency’s potential for growth. As the market continues to evolve and new developments unfold, it will be interesting to see how Bitcoin fares in the coming years.
