A crypto analyst has maintained a strong bullish stance Bitcoin (BTC)and predicts that the pioneer cryptocurrency is headed for a fresh all-time high of $100,000. The analyst shared several factors that could propel Bitcoin to this lofty price target.
Bitcoin will reach $100,000 in 2024
On July 19, crypto analyst Scott Melker, also known as “The Wolf Of All Streets” on X (formerly Twitter), said informed his 958,300 followers that he was extremely optimistic about Bitcoin’s potential for a future price increase. The analyst highlighted his long-term optimistic attitude and investment towards Bitcoin, emphasizing that this bias generally keeps him optimistic about the cryptocurrency’s price prospects.
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According to Melker Bitcoin’s current market cycle was uniquely different from others. He announced that in past cycles, the market was torn between overly pessimistic and overly optimistic stories. However, in the current market conditions, mainly positive and tangible stories about Bitcoin are becoming reality.
Melker also highlighted several factors that will contribute to this Bitcoin’s bullish wavewith BTC predicted to reach $100,000 before the end of 2024. Bitcoin’s price at the time of writing is $66,523, requiring an increase of 50.34%.
Although the crypto analyst acknowledged that a rise to $100,000 seems ambitious, but he also believes that if the right conditions are met during the later stages of the bull market, Bitcoin could achieve this substantial price increase in an instant. 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 Wave
While predicting the rise of Bitcoin to $100,000 before the end of the year, Melker put together a long list of some of the biggest factors that could push Bitcoin higher. The analyst highlighted the possibility that Spot Bitcoin ETFs could cause a price increase for Bitcoin.
He revealed that as more inflows coming into Spot Bitcoin ETFs, it could create a steady stream of upward price pressure for Bitcoin. Melker also revealed that as the former President of the United States (US), Donald Trump wins the upcoming presidential elections, this could be a boost rich fund managers such as Vanguard and Wells Fargo to enter the Spot Bitcoin ETFs market. This shift could result in inflows of as much as $40 billion by the end of 2024.
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The crypto analyst also emphasized this Ethereum Spot ETFs were another major 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 drive the price higher price of ether. He also emphasized that Ethereum’s success following the launch of its ETF will determine the pace at which new crypto ETF applications such as Solana ETFs will arise.
Moreover, Melker pointed out that the coming Bitcoin conferencethe expansion of tokenization and Real World Assets (RWAs) and the evolutionary innovative changes in stablecoins are key drivers behind Bitcoin’s bullish wave.
Melker also noted that if Trump wins the US presidential election and delivers on its promises, it could ease the burden on the U.S. Securities and Exchange Commission (SEC). anti-crypto stance and aggressive enforcement tactics on the industry. This would also ultimately provide greater clarity on the regulatory frameworks and jurisdictions for the crypto space.
Featured image created with Dall.E, chart from Tradingview.com