Scott Melker, also known as the "Wolf of All Streets," believes that we are at the start of a major bull run for both bitcoin and the broader crypto market. "We will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops," he warned, adding that he sees "incredible froth, exuberance, and people speaking with absolute certainty about their future wealth."

'We Are Just at the Start of a Major Bull Run'

Scott Melker, also known as the "Wolf of All Streets," shared his prediction about the future of bitcoin and the broader crypto market in a post on social media platform X Friday. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.

He wrote: "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." Melker 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.

"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. I'm seeing 10 deals a day hit my inbox, most of which will inevitably fail. This always gives me pause," he also shared.

Bitcoin's price soared last week, surpassing its all-time high. Many people believe that the current bitcoin bull cycle is fueled by massive demand for spot bitcoin exchange-traded funds (ETFs) and the upcoming halving event. The 10 spot bitcoin ETFs which began trading in early January have repeatedly smashed their inflow and trading volume records.