14.06.2024

Bitcoin is not headed for new lows: Scott Melker

Bitcoin is still a bull market despite the sharp sell-off in recent weeks, says Scott Melker – Host of “The Wolf of All Streets” podcast.

Melker remains constructive on Bitcoin

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

But he remains confident that Bitcoin is not at all doomed to make a new low in the coming months. Defending his view on Yahoo Finance, the crypto trader and investor said:

I don’t think there’s reason to suspect we’ll go to new lows like we did after the FTC collapse unless we have some other massive black swan event. I don’t see that in the cards.

Note that Jason Pizzino also recently said that BTC could soon be worth over $42,000.

Bitcoin has strong support at $25,000 level

Scott Melker announced $25,000 as a key level to watch in Bitcoin – as long it’s trading above that level, it’s still in a bull market, he added.

The crypto expert sticks the probability of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year at 65%. He’s constructive on BTC also because the big players have been loading up on it for months.

If you look at the way Bitcoin has moved over the past four years, we’re in the midst of another four-year cycle in the exact same place that we were last time.

The total supply of Bitcoin is slated to halve in the second quarter of 2024 – an event that’s historically delivered a boost to its price.

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

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