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    Bitcoin is not headed for new lows: Scott Melker


    bitcoin not headed for new lows scott melker
    • Wolf of All Road’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 stated:

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

    Be aware that Jason Pizzino additionally not too long ago stated that BTC might quickly be value over $42,000.

    Bitcoin has robust assist at $25,000 stage

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

    The crypto professional sticks the likelihood of a Spot Bitcoin ETF being authorized by the Securities & Alternate Fee this yr 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 best way 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 whole provide of Bitcoin is slated to halve within the second quarter of 2024 – an occasion that’s traditionally delivered a lift to its value.

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