Crypto Analyst Sees Ethereum Pushing Towards $ 10,000 In 6-12 Months

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Cryptocurrency trader and analyst Scott Melker, who hosts The Wolf Of All Streets podcast, has revealed he sees the price of Ethereum hitting the $ 10,000 mark in six to 12 months, while bitcoin could reach six digits in the same amount of time.

Speaking to Kitco News Melker, who is the author of a crypto-focused newsletter and was named North America Influencer of the Year last year by crypto exchange Binance, commented on the U.S. infrastructure bill, which includes a crypto tax provision with what were deemed unworkable requirements.

These demands have been taken on board by a growing number of lawmakers, which Melker noted is raising awareness and actually getting more people to buy than to sell.

He added that the bill talks about printing over a trillion dollars out of thin air to pay a bill that has absolutely nothing to do with cryptocurrency and yet the provision on cryptocurrency. froze the bill for three or four days. And the whole world has been talking about bitcoin and the crypto industry.

Melker also pointed out that the cryptocurrency market may soon benefit from the approval of an exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). He stated :

The approval of an ETF would be the biggest single event in bitcoin history for this great wall of money to have the confidence to enter pension funds, endowments, sovereign wealth funds. They will come when there’s an ETF.

The analyst added that a bitcoin ETF would be a catalyst for true 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 significant institutional money waiting on the sidelines for that kind of green light to enter the space.

Taking all of this into account, the analyst pointed out that we are seeing institutional interest return to space and predicted that Ethereum could be heading towards $ 10,000 in six to 12 months, while bitcoin could be on. a six-digit territory.

I think this correction is probably over and we should see new all-time highs by the end of the year. I wouldn’t be at all surprised to see bitcoin trading at six figures in the next six to 12 months, or ethereum even pushing towards $ 10,000 during that time.

He added that over time BTC could reach seven digits per coin, while Ethereum could jump to $ 20,000 or even $ 30,000. As reported, former Goldman Sachs executive Raoul Pal said he believes the price of the second largest cryptocurrency by market cap could reach $ 20,000 this cycle, based on the Metcalfes Law.

DISCLAIMER The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

IMAGE CREDIT Featured Image viaPixabay

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