Crypto trader and investor Scott Melker, also known as “The Wolf of All Streets”, expects Bitcoin price to hit new all-time highs by the end of the year. “I wouldn’t be surprised at all if Bitcoin trades in the six-figure range within the next six to twelve months or Ethereum pushes to $ 10,000 in that time,” he said. The trader also sees the Senate’s $ 1.2 trillion infrastructure bill as the largest advertisement for Bitcoin in history.
The Wolf of All Streets trader sees many advantages if Bitcoin pushes the price towards $ 100,000
Scott Melker, host of The Wolf Of All Streets podcast, shared his Bitcoin prospects with Kitco News last week. Melker is a privately owned trader and investor with Texas West Capital as well. He is the author of the newsletter “The Wolf Den” and advisor to a number of blockchain-based projects. In June last year, Binance presented him with the Influencer of the Year Award for North America.
Commenting on the $ 1.2 trillion infrastructure bill passed by the Senate last week, he said it was the largest advertisement in history for bitcoin. Given so much intense discussion within the crypto community and a growing number of lawmakers advocating cryptocurrency, Melker said:
It increases awareness, which is likely to result in more people buying than selling.
He continued, “We’re talking about printing over a trillion dollars from scratch to pay an infrastructure bill that has absolutely nothing to do with cryptocurrency. But the one cryptocurrency determination froze the bill for three or four days. And we had the whole world talking about Bitcoin and the crypto industry. There is a certain irony in that. “
The host of The Wolf of All Streets podcast noted that the Infrastructure Act has yet to be passed and enacted by the House of Representatives. “That wouldn’t happen until 2023. So we’re talking about a very long time horizon for every activity here. “
Another positive factor affecting the crypto market is the likelihood that a Bitcoin Exchange Traded Fund (ETF) will be approved by the US Securities and Exchange Commission, he said. “The approval of an ETF would be the biggest single event in Bitcoin history so that this large wall of money would have the confidence to get into it – pension funds, foundations, sovereign wealth funds. They will come when there is an ETF. ”The trader stated:
That would be the catalyst for a real institutional introduction of Bitcoin. A regulated asset that they can trust and that is reviewed by their risk managers and the SEC.
Although regulation in the crypto space is inevitable, Melker said new SEC chairman Gary Gensler, who previously taught crypto courses at the Massachusetts Institute of Technology (MIT), is likely to put in place sensible regulations that will benefit the crypto industry . Gensler recently told Senator Elizabeth Warren that oversight of the crypto industry would require additional government and resources.
“Sensible regulation that protects consumers is a good thing and would likely open the door to a lot of large institutional funds that are on the sidelines waiting for the green light,” said Melker.
Melker also discussed his price prediction for Bitcoin and Ether. At the time of writing, Bitcoin is priced at $ 47,218 while Ether is priced at $ 3,273, based on data from Bitcoin.com Markets.
“It depends on whether the price actually catches up with the value,” explained the presenter of The Wolf of All Streets. “We saw a large liquidation of leveraged traders, which resulted in the price cascade falling much further than it should have.”
He stated, “When bitcoin fell from $ 60,000 to $ 50,000, we saw nearly $ 10 billion in liquidation. A million individual customer accounts were liquidated. And we saw similar activity from $ 40,000 to $ 30,000. I don’t think that was the fair value of bitcoin. Now we see that institutional interest is returning and taking advantage of the dip prices. “
Melker predicted new record prices for Bitcoin and Ethereum by the end of the year:
I believe this correction is likely over and we should see new all-time highs by the end of the year. I wouldn’t be at all surprised if Bitcoin trades in the six-digit range within the next six to twelve months or Ethereum even pushes towards $ 10,000 during this time.
He added that Bitcoin will likely be a seven-figure asset and Ethereum at least $ 20,000-30,000 in the long run.
In May, Melker said investors could get into the crypto market by investing in the meme cryptocurrency Dogecoin. Tesla CEO Elon Musk and NBA team owner Mark Cuban recently said that Dogecoin is the “strongest” cryptocurrency when it comes to using it as a medium of exchange.
What do you think of Melker’s comments? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.