Cryptocurrency trader and analyst Scott Melker, who hosts “The Wolf Of All Streets” podcast, has revealed he sees the price of Ethereum pushing towards the $10,000 mark in six to 12 months, while bitcoin could hit six figures in the same amount of time.
Speaking to Kitco News Melker, who is the author of a crypto-focused newsletter and last year was named influencer of the year for North America by crypto exchange Binance, commented on the U.S. infrastructure bill, which includes a crypto tax provision with what were deemed “unworkable requirements.”
These requirements were addressed by a growing number of lawmakers, something Melker noted is “raising awareness” and “actually causing more people to buy than to sell.”
He added that the bill is “talking about printing over a trillion dollars out of thin air” to pay for a bill “that has absolutely nothing to do with cryptocurrency” and yet, the cryptocurrency provision “froze the bill for three or four days. And we had the entire world talking about bitcoin and the crypto industry.”
Melker also pointed out that the cryptocurrency market may soon benefit from the U.S. Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF), He said:
The approval of an ETF would be the biggest single event in the history of bitcoin for that large wall of money to have the confidence to enter — pension funds, endowments, sovereign wealth funds. They will come in when there’s an ETF.
The analyst added that a bitcoin ETF would be a “catalyst for real institutional adoption” of the cryptocurrency. Per his words, sensible regulations may also be introduced by SEC Chairman Gary Gensler, which would also benefit the industry.
To Melker, reasonable regulation that “protects consumers is a good thing and would likely open the door to a lot of big institutional money that’s waiting on the sidelines for that sort of green light to enter the space.”
Taking all of this into account, the analyst pointed out we are seeing institutional interest come back into the space and predicted Ethereum could be moving towards the $10,000 in six to 12 months, while bitcoin could be in six-figure territory.
I believe that this correction is likely over and that we should see new all-time highs by the end of the year. I would not be surprised at all to see bitcoin trading in six figures within the next six to 12 months, or ethereum even pushing towards $10,000 in that time.
He added that, over time, BTC could hit seven figures per coin, while Ethereum could move to $20,000 or even $30,000. As reported, former Goldman Sachs executive Raoul Pal has said he believes the price of the second-largest cryptocurrency by market capitalization, could go to $20,000 “this cycle,” based on Metcalfe’s Law.
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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