As Bitcoin is back at it, popular analyst Scott Miller known as “Wolf of All Street” has made ultra bullish predictions for BTC price action in the months to come.
The analyst in his podcast says, $10 billion in liquidation was observed when bitcoin plummeted from $60,000 to $50,000. A total of one million retail accounts were closed.
From $40,000 to $30,000, we saw similar activity. That was not the fair worth of bitcoin, in my opinion. Now we’re seeing institutional interest return, taking advantage of the current low prices.
Predicting new record high for Bitcoin, he says, I believe that the correction is finished, and that new all-time highs will be seen by the end of the year.
“I wouldn’t be surprised if bitcoin reaches six figures in the next six to twelve months, or if ethereum even reaches $10,000 in that period”
He went on to say that bitcoin will most certainly be a seven-figure value in the long term, and ethereum will be a $20,000 to $30,000 asset at the very least.
Bitcoin ETF approval a major catalyst!
The analyst believes, the establishment of an ETF would be the single most important event in the history of bitcoin because it would provide that massive wall of money pension funds, endowments, and sovereign wealth funds.
“That would be the catalyst for real institutional adoption of bitcoin. A regulated asset that they can trust and that is vetted by their risk managers and by the SEC.”
Speaking of regulatory actions, Melker says, that regulation in the crypto area is unavoidable, he predicted that the incoming SEC chairman, Gary Gensler, who formerly taught crypto classes at MIT, will establish appropriate laws that will assist the crypto industry.