A cryptocurrency analyst has maintained a firm bullish stance for bitcoin-price-is-headed-630000/” rel=”nofollow”>bitcoin (btc)predicting that the pioneering cryptocurrency is heading towards a bitcoin-price-prediction-new-all-time-highs-possible-soon/” rel=”nofollow”>New historical maximum of $100,000. The analyst has shared several factors that could push bitcoin to this lofty 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), x.com/scottmelker/status/1814237757134299315?s=46″ rel=”nofollow”>informed His 958,300 followers said he was extremely optimistic about bitcoin's potential for a future price increaseThe analyst emphasized his long-term bullish stance and investment in bitcoin, noting that this bias keeps him generally optimistic about the cryptocurrency's price outlook.
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According to Melker, The current bitcoin market cycle was uniquely different from the others. He revealed that in past cyclesThe market has been swinging between overly pessimistic and overly optimistic narratives. However, under 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 surgepredicting that btc will hit $100,000 before the end of 2024. Considering bitcoin Price is at $66,523 at the time of writing, this would require a 50.34% increase.
Although the cryptocurrency analyst acknowledged that a bitcoin-rising-difficulty-points-100000-year-end/” rel=”nofollow”>Rise to $100,000 It seems ambitious, but he also believes that if the right conditions are met during the later stages of the process bull marketbitcoin could achieve this substantial price increase in the blink of an eye. During his post, Melker urged members of the crypto community to “think big,” possibly suggesting that investors should stay optimistic and expect more from bitcoin in the bull market.
The main factors driving bitcoin's bullish surge
While Predicting the rise of bitcoin As the price of bitcoin approaches $100,000 before the end of the year, Melker compiled a long list of some of the most important factors that could drive bitcoin's price higher. The analyst highlighted the possibility of spot bitcoin ETFs driving a bitcoin price surge.
He revealed that as more bitcoin-not-100000-huge-etf-inflows/” rel=”nofollow”>Inflows into bitcoin Spot ETFscould create a steady stream of upward pressure on the price of bitcoin. Melker also revealed that if the former President of the United States (US), bitcoin-reserve-asset-expert/” rel=”nofollow”>Donald Trump If he wins the next presidential election, he could push bitcoin-spot-etfs-inflow/” rel=”nofollow”>wealthy fund managers Like Vanguard and Wells Fargo, they will enter the spot bitcoin ETF market. This move could result in inflows of up to $40 billion by the end of 2024.
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The cryptocurrency analyst also emphasized that ethereum-etf-issuers-unveil-management-fees/” rel=”nofollow”>ethereum Spot ETF were another important factor that could drive bitcoin price growth. He noted that the appeal of diversifying into an asset class other than spot bitcoin ETFs could drive price growth. ethereum-immediately-rally-after-spot-etf-approval/” rel=”nofollow”>ethereum PriceHe also highlighted that the success of ethereum after the launch of its ETF will determine the pace at which new cryptocurrency ETF applications will be submitted as Solana ETF Will emerge.
In addition, Melker noted that the next bitcoin-conference-reactions/” rel=”nofollow”>bitcoin Conferencethe expansion of tokenization and Real World Assets (RWA) and innovative and evolutionary changes in stablecoins are important drivers behind bitcoin’s bullish surge.
Melker also noted that if crypto-help-donald-trump-win-the-us-presidential-elections/” rel=”nofollow”>Trump wins US presidential election and delivers on its promises, it could ease pressure from the US Securities and Exchange Commission (SEC). crypto-bill-ripple-clo/” rel=”nofollow”>anti-cryptocurrency stance and aggressive enforcement tactics in the industry. This would also ultimately provide more clarity on regulatory frameworks and jurisdictions for the crypto space.
Featured image created with Dall.E, chart from Tradingview.com
