Bull Run Begins: 'Wolf of All Streets' Optimistic Outlook
Scott Melker, the well-known trader, investor, and host of the 'Wolf of All Streets' podcast, took to social media platform X on Friday to share his prediction for bitcoin and the broader cryptocurrency market. "Gun to my head, I believe that we are just at the start of a major bull run for both bitcoin and the broader crypto market in general," he wrote. Melker, who won the Binance Influencer of the Year Award for North America in 2020, has a significant following among both retail and institutional investors.
Bubble Warning: Coins Without Fundamental Value Will Soar Then Crash
However, Melker's optimism comes with a strong caveat. He added: "I think that we will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops." He noted seeing "incredible froth, exuberance, and people speaking with absolute certainty about their future wealth." He also receives ten deals per day in his inbox, most of which will inevitably fail. "This always gives me pause," he admitted, urging caution amidst the euphoria.
Market Context: Bitcoin Hits All-Time High, ETF Demand Surges
Bitcoin's price recently surpassed its previous all-time high, driven by massive demand for spot bitcoin ETFs that began trading in early January and the upcoming halving event. The ten spot bitcoin ETFs have repeatedly smashed inflow and volume records. Several prominent figures have made bullish predictions: Bitwise's CIO sees BTC hitting $200K this year due to "too much demand and not enough supply"; Galaxy Digital's CEO cites "tremendous global demand for bitcoin"; veteran trader Peter Brandt raised his price target and sees a "starting" candle.
Melker's Self-Doubt: 'I Could Be Completely Wrong'
Notably, Melker also injected a dose of humility into his forecast. "That said, I am prepared to be completely and utterly wrong. I see incredible froth, exuberance, and people speaking with absolute certainty about their future wealth. This always gives me pause," he wrote. This cautious stance contrasts with many crypto influencers who only hype the market, offering investors a more balanced perspective.
Market Sentiment and Divergence
The current market sentiment is highly optimistic, but disagreement persists. Some traders believe the rally is ETF-driven and altcoins have yet to catch up, indicating early bull phase; others warn of a brutal correction if the bubble bursts. Melker's "boom-then-bust" scenario is a classic pattern, but his admission of potential error adds nuance to the outlook.