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The recent crypto market rally, which saw Bitcoin rebounding from below $30,000 last month to its current price above $47,000, has set a new wave of bullish price predictions recently. For instance, crypto trader and investor Scott Melker believes that the BTC and Ether (ETH) could reach new all-time highs by year-end.
Melker, who is the post of “The Wolf of All Streets” podcast, revealed his price predictions in a recent interview with Kitco News. The trader believes that the approval of an exchange-traded fund would be the biggest catalyst that could propel Bitcoin and Ether to new heights.
“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,” Melker told Kitco News.
With an ETF approval, institutions will be more at ease in going into crypto assets. “That would be the catalyst for real institutional adoption of bitcoin,” he added. “A regulated asset that they can trust and that is vetted by their risk managers and by the SEC.”
Unlike some investors who negatively view increased regulation in the crypto space, Melker believes that it is a positive development. U.S. Securities and Exchange Commission Chairman Gary Gensler has been calling for increased regulatory oversight in crypto.
“Gary Gensler taught blockchain at MIT,” Melker explained. “He's a huge proponent of bitcoin. It's nice to have someone who understands the asset.”
With a crypto expert at the helm, Melker expects more sensible regulations from the SEC. “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,” he added.
He also described the $1.2 trillion infrastructure bill passed last week as the greatest advertisement for Bitcoin. “It's raising awareness, which is probably actually causing more people to buy than to sell,” he said.
“We’re talking about printing over a trillion dollars out of thin air to pay for an infrastructure bill that has absolutely nothing to do with cryptocurrency,” he explained. “But the one cryptocurrency provision froze the bill for three or four days. And we had the entire world talking about bitcoin and the crypto industry. There’s some irony there.”
With these factors taken into account, the trader offered his bullish predictions for the two biggest cryptos in terms of market cap. “I believe that this correction is likely over and that we should see new all-time highs by the end of the year,” Melker said. “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.”
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