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“Not Time to Get Too Excited Yet”, Pundit Warns Bitcoin Could Still Face Deeper Correction
Scott Melker, the host of The Wolf of All Streets podcast and crypto trader, has cautioned investors against getting too excited by Bitcoin’s recent pump, suggesting that the crypto asset could still ruku ki raro.
In a newsletter to more than 800k Twitter followers, the pundit attempted to measure the asset’s “possible bottom” by illustrating five of the worst Bitcoin corrections in history. These included the Nov 2013 – Jan 2015 (-86.9%); Dec 2017 – Dec 2018 (-84.12%); Apr 2013 (-82.65%); June 2019 – Mar 2020 (-72.26%) and the April 2021 – June 2021(-55.95%) bear markets.
According to him, considering Bitcoin’s price has dropped by approximately 76.59% in the past year, it would have to drop another 48.84% to reach April 2013 bear market levels. This would mean $220B, or half of the current Bitcoin market capitalization, being wiped from the market, which he said was “unlikely”.
"No te mea Bitcoin to go an inch lower than the current bottom at $15,800, it would need to drop 31.2% from current levels. Still a sizeable drop.” Ka tapiritia e ia.
Kaore i Tere rawa
The pundit warned investors against getting too excited, commenting on this month’s pump, urging them to drop the “Bitcoin up only” assumption.
"Heoi ano, ki taku whakaaro kaore ano kia tae ki te wa ki te hikaka rawa. Kei te marama tuatahi noa matou o te tau ka mohio matou ka tae mai nga whakatikatika, ka tae mai nga huihuinga nui ki nga maakete pea, " Ka mea ia.
I te Hanuere 25, Bitcoin surged as high as $23,800 before tracing its move to settle below the $23,250 resistance.
E ai ki a Melker, tera pea he raru nui mo te utu, me te nui o te wiri kei runga i te tūtohi 4-haora e kii ana ko te waahi "he hopu moni mo nga tarau poto".
"Ka haere tonu ahau me te tupato," i kii ia, me te kii he iti noa te mahi mena ka kati nga rama ki runga ake, ki raro ranei i taua parenga. "Ahakoa kaore pea e puta, kei te rapu tonu ahau mo te whakatikatika," haere tonu ia.
Bitcoin’s Resilience Is Improving
Melker noted that Bitcoin had become more resilient over the years, considering the sheer number of catalysts and nga mate e pa ana ki te maakete behind its drop compared to other bear markets. He also noted that the pioneer cryptocurrency had attracted a floor of die-hard believers who would increasingly make it harder to drive Bitcoin’s price drastically by offering adequate liquidity.
I roto i ana kupu;
"If we are being honest with ourselves, we should feel lucky if Bitcoin does not drop more than it did in 2017...The catalysts for this current correction are far more serious. This proves that Bitcoin is strengthening over time and will probably continue to soften its gains and losses in each cycle.
I te wa press, Bitcoin (BTC) was exchanging hands at $23,181, up 0.61% in the past 24 hours.
Kuputuhi taketake: ZyCrypto