Crypto analyst and investor, Scott Melker, also identified as “ The Wolf of Wall Streets” on X (formerly Twitter), has sounded bullish alarms, predicting the initiation of a major market bubble for Bitcoin and the broader cryptocurrency space.
Crypto Market Bull Run On The Horizon
With Bitcoin topping new all-time highs and garnering attention as it breaks through new resistance levels, many analysts are gearing up for a potentially mega Bitcoin bull run cycle. In his X post, Melker conveyed his belief, predicting that the crypto market was entering the early stages of a major bull run for BTC and other cryptocurrencies in the market.
Anticipating an upward trajectory, the analyst foresees a strong possibility of a formidable market bubble, triggering a surge in Bitcoin and low-value altcoins. The analyst, who is renowned for his strong support for BTC and consistent crypto predictions, envisions BTC sustaining a price level of around $70,000.
Melker’s sentiments about a substantial bull run is also shared by many market observers and crypto community members who believe that the BTC bull run was just starting. Additionally, data from prominent crypto analyst, Ali Martinez has also revealed that Bitcoin is nowhere near its top, highlighting that historical patterns suggest that the next market top could materialize between November 2024 and February 2025.
Prior to this timeline, analysts have issued a cautionary note, urging the cryptocurrency community to stay prepared for potential price pullbacks. They stress that a substantial price correction should be seen as an accumulation opportunity to secure as much BTC as possible before the bull run season fully starts.
2024 Bitcoin Bull Run To Be The Largest in History?
Recently, Bitcoin’s price has been on a colossal rally, surging past its all-time high to over $71,000. The cryptocurrency’s substantial bullish trend has greatly fueled the massive speculations and optimistic predictions by market analysts.
As a result of BTC’S overperformance in the market lately, predictions from various crypto analysts have suggested that the 2024 bull run cycle may be the largest in history. It’s important to note that Bitcoin has already surpassed its all-time high from 2021, and has done so before the complete manifestation of the anticipated 2024 bull run cycle.
Owing to the success of the Spot Bitcoin ETFs and the substantial capital inflows into the cryptocurrency, BTC is poised to rally even more. According to Bitcoin analyst, Tuur Demeester, the broader crypto market should brace for “an epic bull market in bitcoin.” He emphasizes that BTC has witnessed large upsides with very minimal price drawdowns, indicating a low supply and a robust inclination to buy aggressively during market dips.
Another analyst has predicted an unprecedented “bull market like never seen before,” attributing it to the combined impact of the upcoming 2024 Bitcoin halving and the net inflows from Spot Bitcoin ETFs. Adding to this, BTC’S price is expected to surge to a new all-time high, reaching a target of $172,000 as stated by a crypto analyst, the “Crypto Rover.”
BTC price above $71,000 | Source: BTCUSD on Tradingview.com