Prepare for the impending boom in the crypto market as renowned analyst and investor, Scott Melker, aka “The Wolf of Wall Streets,” has set off bullish sirens, heralding the arrival of a major market bubble for Bitcoin and the broader cryptocurrency sphere.
The Dawn of a New Crypto Market Era
With Bitcoin shattering all-time highs and creating a buzz with its breakthrough of resistance levels, analysts are gearing up for an epic Bitcoin bull run cycle. Melker, in his recent X post, boldly proclaimed the early stages of a significant bull run for BTC and other cryptocurrencies, foreseeing the potential for a massive market bubble and a surge in Bitcoin and lesser-known altcoins.
Anticipating a bullish momentum, Melker envisions a solid price level of around $70,000 for BTC, an outlook shared by many market observers and members of the crypto community who believe that the Bitcoin bull run is just beginning. Additionally, data from esteemed crypto analyst Ali Martinez hints that Bitcoin has not yet reached its peak, with projections suggesting a possible market peak between November 2024 and February 2025.
Ahead of this period, analysts caution the crypto community to brace for potential price pullbacks, emphasizing the importance of seizing any price corrections as accumulation opportunities to secure more BTC before the full-fledged bull run season commences.
The Biggest Bull Run in History Looming Ahead?
Bitcoin’s recent surge to over $71,000 and its robust bullish trend have sparked a wave of speculation and optimism among market analysts. With predictions hinting that the anticipated 2024 bull run cycle might be the largest in history, Bitcoin’s current performance has already surpassed its previous all-time high from 2021 before the awaited cycle has fully materialized.
Fueled by the success of Spot Bitcoin ETFs and substantial capital inflows, BTC is poised for further rallies. Leading Bitcoin analyst Tuur Demeester urges the crypto market to prepare for an “epic bull market in bitcoin,” pointing to BTC’s minimal price drawdowns as a sign of low supply and a strong appetite for aggressive buying during market dips.
Forecasts of an unprecedented bull market attributed to the upcoming 2024 Bitcoin halving and net inflows from Spot Bitcoin ETFs hint at Bitcoin’s price reaching new highs, with predictions targeting $172,000 as indicated by the “Crypto Rover.” As Bitcoin continues its upward trajectory, the crypto world braces for what could be the most significant bull run in history.
BTC price above $71,000 | Source: BTCUSD on Tradingview.com
Featured image from Earth.Org, chart from Tradingview.com
