Cryptocurrency analyst maintains robust bullish stance Bitcoins (BTC)predicting that the pioneering cryptocurrency is heading towards fresh, all-time high $100,000. The analyst listed several factors that could push Bitcoin to such a 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), informed his 958,300 followers said he was extremely hopeful about Bitcoin’s potential future price raiseThe analyst emphasized his long-term bullish attitude and investment in Bitcoin, emphasizing that this attitude makes him generally hopeful about the cryptocurrency’s price prospects.
According to Melker, Current Bitcoin Market Cycle was uniquely different from the others. He revealed that in past cyclesthe market has been swinging between overly despondent and overly hopeful narratives. However, in the current market conditions, mostly positive and material narratives regarding Bitcoin are becoming reality.
Melker also highlighted several factors that will contribute to this Bitcoin value increasespredicting that BTC will reach $100,000 before the end of 2024. Considering Bitcoin price stands at $66,523 at the time of writing, which requires a 50.34% hike.
Although the cryptocurrency analyst admitted that raise to $100,000 seems ambitious, he also believes that if the right conditions are met at later stages bull marketBitcoin could reach this significant price raise in the blink of an eye. In his post, Melker urged members of the cryptocurrency community to “think bigger,” likely implying that investors should remain bullish and expect more from Bitcoin in a bull market.
The most significant factors driving the rise in the price of bitcoin
One sec bitcoin value growth prediction to $100,000 by year-end, Melker compiled a long list of some of the biggest factors that could push Bitcoin higher. The analyst highlighted the possibility that Spot Bitcoin ETFs could drive Bitcoin’s price rally.
He revealed that the more inflows flow into Spot Bitcoin ETFthis could create a steady stream of upward price pressure for Bitcoin. Melker also revealed that if the former President of the United States (USA), Donald Trump wins the upcoming presidential election, it could push it wealthy fund managers like Vanguard and Wells Fargo to enter the spot Bitcoin ETFs market. This shift could result in inflows of up to $40 billion by the end of 2024.
The cryptocurrency analyst also stressed that Ethereum Spot ETFs were another significant factor that could drive Bitcoin’s price growth. He noted that the appeal of diversifying into an asset class other than the Spot Bitcoin ETF could raise Ethereum priceHe also emphasized that Ethereum’s success after the launch of its ETF will determine the pace at which novel crypto-ETF applications will be submitted, such as Solana ETFs it will come out.
In addition, Melker indicated that the upcoming Bitcoin Conferenceexpansion of tokenization and Real World Assets (RWA) and evolutionary, creative changes in stablecoins are significant factors driving the growth of Bitcoin’s value.
Melker also noted that if Trump wins US presidential election and delivers on its promises, it could ease pressure from the U.S. Securities and Exchange Commission (SEC) anti-crypto position and aggressive enforcement tactics in the industry. Ultimately, it would also provide greater clarity to the regulatory framework and jurisdictions for the crypto space.
Featured image created with Dall.E, chart from Tradingview.com
