As a seasoned crypto analyst with over a decade of experience in the financial markets, I have witnessed the ebb and flow of various market cycles. My bullish stance on Bitcoin (BTC) is not merely a fleeting prediction, but rather an informed conviction based on current market conditions and trends.
A cryptocurrency expert has expressed a optimistic outlook for Bitcoin (BTC), anticipating that it will reach a new peak price of $100,000. This forecast is based on various reasons the analyst has presented.
Bitcoin To Hit $100,000 In 2024
On July 19th, crypto expert Scott Melker, also recognized as “The Wolf Of All Streets” on X (previously Twitter), shared his strong optimism towards Bitcoin’s future price growth with his 958,300 followers. He reiterated his positive, long-term perspective and personal investment in Bitcoin, explaining that this viewpoint usually maintains his bullish expectations for the cryptocurrency’s pricing trends.
Based on Melker’s analysis, the present Bitcoin market cycle stands out from previous ones due to the predominance of constructive and concrete narratives. Previously, the market swung between excessive pessimism and unbridled optimism. However, in the current market climate, many positive expectations about Bitcoin are materializing.
Expert: Melker pointed out various reasons why Bitcoin’s price might soar, estimating that it could hit $100,000 by the end of 2024. Given its current value of $66,523, achieving this would mean a significant jump of approximately 50.34%.
The crypto analyst, in his assessment, acknowledged that reaching $100,000 may appear overly optimistic. However, he holds the conviction that under favorable circumstances towards the end of the bull market run, Bitcoin could swiftly surge to this significant price level. In his post, Melker encouraged crypto enthusiasts to broaden their perspectives and consider the potential for greater gains in the ongoing bull market.
Biggest Factors Driving Bitcoin’s Bullish Surge
As a crypto investor, I’ve been keeping a close eye on Bitcoin’s potential to reach $100,000 by year-end. To support my theory, I’ve identified several key factors that could significantly boost Bitcoin’s price. One of these factors is the anticipated approval of Spot Bitcoin ETFs. If this happens, it could ignite a powerful surge in Bitcoin’s value.
As a crypto investor, I’ve noticed that an increase in funds flowing into Spot Bitcoin ETFs can put consistent upward pressure on Bitcoin’s price. Moreover, should former US President Donald Trump secure another term in the White House, I believe we may witness significant inflows from wealth management firms like Vanguard and Wells Fargo entering this market. The potential impact could amount to approximately $40 billion by the end of 2024.
A crypto analyst pointed out that another significant factor fueling Bitcoin’s price surge could be the Ethereum Spot ETFs. He explained that investors looking to diversify beyond Spot Bitcoin ETFs might drive up the value of Ethereum. Furthermore, he suggested that Ethereum’s success in the ETF market would set the pace for future filings, such as those for Solana and other cryptocurrencies.
Melker highlighted several key factors contributing to Bitcoin’s recent price increase. These include the upcoming Bitcoin conference, the growth of tokenization and Real World Assets (RWAs), and the advancements in stablecoins.
Melker pointed out that a Trump victory in the US presidential elections could lead to a softening of the SEC’s hardline approach towards cryptocurrencies. Consequently, this shift may bring about more defined regulations and legal certainty within the crypto sector.
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2024-07-20 19:16