In an interview with Yahoo Finance, Scott Melker, host of “The Wolf of All Streets” podcast, expressed his positive outlook on Bitcoin despite its recent sell-off. Melker believes that Bitcoin is still in a bull Market and is not likely to reach new lows in the coming months.
Bitcoin has experienced a significant decline, dropping from over $31,000 to below $26,000 in just six weeks. Melker attributes this fragility to a “long squeeze.” However, he remains confident that Bitcoin will not reach new lows like it did after the collapse of the FTC, unless there is another major event. He does not see any such event on the horizon.
Melker highlights the $25,000 level as a key support for Bitcoin. As long as Bitcoin remains above this level, it is still considered to be in a bull market. He also believes that there is a 65% probability of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year, which would further contribute to the positive outlook for Bitcoin.
Melker points out that big players in the market have been accumulating Bitcoin for months. This, combined with Bitcoin’s historical price movements, suggests that Bitcoin is currently in the midst of another four-year cycle. The total supply of Bitcoin is set to halve in the second quarter of 2024, which has traditionally resulted in a boost to its price.
Overall, Melker remains constructive on Bitcoin and does not believe that it is heading for new lows. Despite the recent sell-off, he sees strong support at the $25,000 level and believes that Bitcoin is still in a bull market..
#Bitcoin #headed #lows #Scott #Melker
Bitcoin has experienced a significant decline, dropping from over $31,000 to below $26,000 in just six weeks. Melker attributes this fragility to a “long squeeze.” However, he remains confident that Bitcoin will not reach new lows like it did after the collapse of the FTC, unless there is another major event. He does not see any such event on the horizon.
Melker highlights the $25,000 level as a key support for Bitcoin. As long as Bitcoin remains above this level, it is still considered to be in a bull market. He also believes that there is a 65% probability of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year, which would further contribute to the positive outlook for Bitcoin.
Melker points out that big players in the market have been accumulating Bitcoin for months. This, combined with Bitcoin’s historical price movements, suggests that Bitcoin is currently in the midst of another four-year cycle. The total supply of Bitcoin is set to halve in the second quarter of 2024, which has traditionally resulted in a boost to its price.
Overall, Melker remains constructive on Bitcoin and does not believe that it is heading for new lows. Despite the recent sell-off, he sees strong support at the $25,000 level and believes that Bitcoin is still in a bull market..
#Bitcoin #headed #lows #Scott #Melker
