A crypto analyst has maintained a strong 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 factors that could propel Bitcoin to this lofty price target.
Bitcoin To Hit $100,000 In 2024
On July 19, crypto analyst Scott Melker, also known 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 term optimistic stance and investment on Bitcoin, highlighting that this bias keeps him generally bullish on the cryptocurrency’s price outlook.
According to 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. However in the current market conditions, mostly positive and tangible narratives about Bitcoin are coming true.
Melker also highlighted several factors that will contribute to Bitcoin’s bullish surge, predicting that BTC will reach $100,000 before the end of 2024. Considering Bitcoin’s price sits at $66,523 as of writing, this 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 right conditions are met during the later stages of the bull market, Bitcoin could achieve this substantial price increase in the blink of an eye. During his post, Melker urged crypto community members to “think bigger,” possibly suggesting that investors should stay bullish and expect more from Bitcoin in the bull market.
Biggest Factors Driving Bitcoin’s Bullish Surge
While forecasting Bitcoin’s surge to $100,000 before the year’s end, Melker compiled a long list of some of the biggest factors that could propel Bitcoin higher. The analyst highlighted the possibility 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 steady 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 may push wealthy fund managers like Vanguard and Wells Fargo to enter the Spot Bitcoin ETFs market. This shift could result in up to $40 billion in inflows by the end of 2024.
The crypto analyst also emphasized that Ethereum Spot ETFs were another major factor that could propel Bitcoin’s price increase. He noted that the appeal of diversifying into an asset class other than 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 new crypto ETF filings like Solana ETFs will emerge.
Furthermore, Melker pointed out that the upcoming Bitcoin conference, the expansion of tokenization and Real World Assets (RWAs) and the evolutionary innovative 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 promises, it could ease the United States Securities and Exchange Commission’s (SEC) anti-crypto stance and aggressive enforcement tactics on the industry. This would also ultimately provide more clarity of regulatory frameworks and jurisdictions for the crypto space.
Featured image created with Dall.E, chart from Tradingview.com