Bitcoin is not headed for new lows: Scott Melker

• Wolf of All Avenue’s host Scott Melker is constructive on Bitcoin.
• He defined why in an interview with Yahoo Finance in the present day.
• BTC has tumbled from $31,000 to $26,000 in about six weeks.

Bitcoin remains to be a bull market regardless of the sharp sell-off in current weeks, says Scott Melker – Host of “The Wolf of All Streets” podcast.

Melker stays constructive on Bitcoin

The world’s largest cryptocurrency has retreated from over $31,000 to the sub $26,000 stage in about six weeks – fragility that Melker attributes to a “lengthy squeeze”.

However he stays assured that Bitcoin is under no circumstances doomed to make a brand new low within the coming months. Defending his view on Yahoo Finance, the crypto dealer and investor mentioned:

I don’t suppose there’s purpose to suspect we’ll go to new lows like we did after the FTC collapse until now we have another large black swan occasion. I don’t see that in playing cards.

Notice that Jason Pizzino additionally not too long ago mentioned that BTC may quickly be value over $42,000.

Bitcoin has sturdy assist at $25,000 stage

Scott Melker introduced $25,000 as a key stage to observe in Bitcoin – as lengthy it’s buying and selling above that stage, it’s nonetheless in a bull market, he added.

The crypto knowledgeable sticks the chance of a Spot Bitcoin ETF being authorised by the Securities & Trade Fee this 12 months at 65%. He’s constructive on BTC additionally as a result of the massive gamers have been loading up on it for months.

If you happen to have a look at the way in which Bitcoin has moved over the previous 4 years, we’re within the midst of one other four-year cycle in the very same place that we had been final time.

The full provide of Bitcoin is slated to halve within the second quarter of 2024 – an occasion that’s traditionally delivered a lift to its value.