Scott Melker, host of “The Wolf of All Streets” podcast, remains confident that Bitcoin is still in a bull market despite its recent sharp sell-off. BTC has tumbled from $31,000 to $26,000 in about six weeks.
In an interview with Yahoo Finance today, Melker said that there is no reason to suspect that Bitcoin will go to new lows, unless some other massive black swan event occurs. He also noted that $25,000 is a key level to watch in Bitcoin and as long as it is trading above this level, it is still in a bull market.
Melker is also constructive on BTC as the big players have been loading up on it for months and the total supply is set to halve in the second quarter of 2024, which is historically known to deliver a boost to its price.
The possibility of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year is pegged at 65%. Jason Pizzino also recently said that BTC could soon be worth over $42,000.
Overall, Melker remains hopeful and confident that Bitcoin will continue to be in a bull market.