© Reuters. Target for Ethereum is $10,000, says analyst Scott Melker
Cryptocurrency analyst Scott Melker, presenter of The Wolf Of All Streets podcast, revealed that he sees the price of cryptocurrency reaching the $10,000 mark in about 6 to 12 months, while it could reach the $100 mark. thousand in the same period of time.
In statements, Melker, elected influencer of the year in the United States by Binance, commented on the infrastructure project, which includes clauses on the cryptocurrency market that could destabilize the sector in the country.
These requirements have been met by a growing number of lawmakers, something Melker noted is “raising awareness” and “really getting more people to buy than sell.”
He added that the project will “print over a trillion dollars out of nowhere” to pay a bill “that has absolutely nothing to do with cryptocurrencies.”
Melker also pointed out that the market may soon benefit from the approval of an exchange-traded bitcoin fund (ETF) by the US Securities and Exchange Commission (SEC).
“The approval of an ETF would be the biggest single event in bitcoin history for that big wall of money to be trusted to get in – pension funds, endowments, sovereign wealth funds. They will come in when there is an ETF. ”
The analyst added that an ETF would be a “catalyst for real institutional adoption” of the cryptocurrency. In his words, sensible regulations could also be introduced by SEC chairman Gary Gensler, which would also benefit the industry.
For Melker, reasonable regulation that “protects consumers is a good thing and would likely open the door to a lot of institutional money that is waiting for that kind of green light to enter space.”
Taking all of this into consideration, the analyst pointed out that we are seeing institutional interest return to space and predicted that it could reach $10,000 in six to 12 months, while bitcoin could be in six-digit territory.
“I believe this correction is probably over and that we should see new highs by the end of the year. I wouldn’t be surprised to see bitcoin trading in six digits over the next six to 12 months, or peaking at $10,000 in that time. ”
He added that, over time, Ethereum could reach $1 million, while Ethereum could reach $20,000 or even $30,000. As reported, former Goldman Sachs (NYSE:) (SA:) executive Raoul Pal said he believed the second-largest cryptocurrency price by market capitalization could go up to $20,000 “this cycle” based on the Act. of Metcalfe.
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