A crypto analyst has maintained a powerful 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 aspects that would propel Bitcoin to this lofty price goal.
Bitcoin To Hit $100,000 In 2024
On July 19, crypto analyst Scott Melker, also referred to 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 run optimistic stance and investment on Bitcoin, highlighting that this bias keeps him generally bullish on the cryptocurrency’s price outlook.
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In accordance with 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. Nonetheless in the present market conditions, mostly positive and tangible narratives about Bitcoin are coming true.
Melker also highlighted several aspects that can contribute to Bitcoin’s bullish surge, predicting that BTC will reach $100,000 before the top of 2024. Considering Bitcoin’s price sits at $66,523 as of writing, it 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 appropriate conditions are met throughout the later stages of the bull market, Bitcoin could achieve this substantial price increase within the blink of a watch. During his post, Melker urged crypto community members to “think larger,” possibly suggesting that investors should stay bullish and expect more from Bitcoin within the bull market.
Biggest Aspects Driving Bitcoin’s Bullish Surge
While forecasting Bitcoin’s surge to $100,000 before the yr’s end, Melker compiled an extended list of a few of the biggest aspects that would propel Bitcoin higher. The analyst highlighted the chance 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 gradual 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 might push wealthy fund managers like Vanguard and Wells Fargo to enter the Spot Bitcoin ETFs market. This shift could end in as much as $40 billion in inflows by the top of 2024.
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The crypto analyst also emphasized that Ethereum Spot ETFs were one other major factor that would propel Bitcoin’s price increase. He noted that the appeal of diversifying into an asset class apart from 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 latest crypto ETF filings like Solana ETFs will emerge.
Moreover, Melker identified that the upcoming Bitcoin conference, the expansion of tokenization and Real World Assets (RWAs) and the evolutionary progressive 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 guarantees, it could ease america Securities and Exchange Commission’s (SEC) anti-crypto stance and aggressive enforcement tactics on the industry. This might also ultimately provide more clarity of regulatory frameworks and jurisdictions for the crypto space.
BTC bulls hold $66,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com