A crypto expert predicts $100,000 for Bitcoin (CRYPTO: BTC) by the end of the year, saying that he has never seen such a bullish setup before.
What Happened: Bitcoin investor Scott Melker stated that he is "incredibly bullish" as the current market backdrop is unlike anything he's seen before, with tangible narratives finally coming to fruition.
THINK BIGGER. Stated plainly... I'm incredibly f'ing bullish right now. OG readers know that my bias leans towards long-term investing and optimism, keeping me generally bullish. But you might be wondering, what makes this time different? Well, let me explain. The current...
— The Wolf Of All Streets (@scottmelker) July 19, 2024
Highlighting several factors that could push the market much higher, he predicts Bitcoin reaching $100,000 by the end of the year, representing a 53.85% increase from its current price of $65,000. Some of the factors driving the rally could be the influx of traditional finance money into Bitcoin via ETFs and the launch of Spot Ethereum ETFs.
Melker believes that wealth managers may change policies and $40 billion in inflows by the end of the year is achievable.
Also Read: If Bitcoin Drops 15%, This Popular Dogcoin Will Crater 40%, Trader Warns
Why It Matters: Melker also emphasized the potential impact of the upcoming Bitcoin Conference, stating, "The Bitcoin conference is where narratives are born, developed, and take life." He suggested that major announcements could be made at the conference, further propelling the market.
He also pointed out the potential of tokenization in revolutionizing global investing. He cited BlackRock's launch of BUIDL, a tokenized treasury that has already surpassed $500 million, as an example of this trend.
Finally, Melker touched on the role of stablecoins in the crypto market, highlighting the ongoing battle for market dominance between Tether's (CRYPTO: USDT) and Circle's (CRYPTO: USDC). With the stablecoin market currently valued at $161 billion, Melker believes it could accelerate toward the $1 trillion mark by 2030.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Bitcoin's Mid-Term Target: 3 Points You Need To Know
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
