“Not Time to Get Too Excited Yet”, Pundit Warns Bitcoin Could Still Face Deeper Correction

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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 terjun lebih rendah.

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”.

"Untuk 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.” Dia menambah.

Tidak Terlalu Cepat

The pundit warned investors against getting too excited, commenting on this month’s pump, urging them to drop the “Bitcoin up only” assumption.

"Namun, saya rasa belum tiba masanya untuk terlalu teruja. Kami hanya pada bulan pertama tahun ini dan kami tahu bahawa pembetulan akan datang dan bahawa rali terbesar selalunya datang dalam pasaran menurun,” katanya.

Pada 25 Jan, Bitcoin surged as high as $23,800 before tracing its move to settle below the $23,250 resistance.

Menurut Melker, rintangan itu boleh menimbulkan halangan yang sukar untuk harga, dengan sumbu yang besar pada carta 4 jam menunjukkan kawasan itu adalah "rebutan kecairan untuk seluar pendek".

"Saya akan meneruskan dengan berhati-hati," dia menyatakan, menekankan bahawa tidak banyak yang perlu dilakukan melainkan lilin ditutup di atas atau di bawah rintangan itu. "Walaupun ia mungkin tidak berlaku, saya masih mencari pembetulan," dia teruskan.

Bitcoin’s Resilience Is Improving 

Melker noted that Bitcoin had become more resilient over the years, considering the sheer number of catalysts and penularan berkaitan pasaran 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.

Dalam kata-kata beliau;

"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.

Pada masa akhbar, Bitcoin (BTC) was exchanging hands at $23,181, up 0.61% in the past 24 hours.

Sumber asal: ZyCrypto