Sunday 29 January 2023
Home / none / Reaching the Bitcoin price bottom is a process, says The Wolf of All Streets, Scott Melker

Reaching the Bitcoin price bottom is a process, says The Wolf of All Streets, Scott Melker

Crypto investor, trader and content creator Scott Melker, also known as The Wolf Of All Streets, joined the new Crypto Trading Secrets podcast for an interview with host Benjamin Pirus. During the conversation — which was recorded on Nov. 29 — Melker gave his opinion on numerous topics, including what he looks for on Bitcoin’s (BTC) price chart to tell him it is time to start contemplating a bull market transition. “It’s usually a multimonth process,” Melker said of asset bottoms. “It can take even longer than that.”

Crypto Trading Secrets with Benjamin Pirus isone of several shows launching as a part of Cointelegraph’s new podcast programming. Featuring interviews with crypto trading and investing personalities, each episode of Crypto Trading Secrets will focus on various topics related to the investing and trading side of the crypto space.

Early in the interview, Melker noted potential signs that Bitcoin could be forming its bottom in terms of sentiment and also weighed mainstream factors that might keep BTC down. Later, Melker pointed to the charts, mentioning what he looks for that might tell him Bitcoin and crypto have turned around.

“Obviously, we’re in a series here as far as price of lower highs and lower lows, and once that series is broken, you have a technical break of the bear trend and a move into a bull market,” Melker said. “Right now, the last lower high, I believe, is right around $25,200 — something like that,” Melker said offhand. “So, it would take, effectively, a break of that level to start even talking about a bull market.”

He also mentioned other possible prices and chart moves that people might look for that could signal a change in course into a bull market. “But I think that as far as sentiment is concerned, it’s going to be pretty clear when prices start to rise, [people] stop reacting to bad news, people start getting interested again,” he added, continuing:

“Maybe we start seeing some more good news, but if we see a true bull run, what will inevitably happen is that most people will be in disbelief. They won’t think it’s really happening. It’ll be $25,000, $32,000, $40,000, and then wherever those people start to buy in, that’ll probably be the local top.”

The interview covers much more, including the archeological pursuits of Melker’s past. Check out the episode on the Cointelegraph Podcast page, as well as on Apple Podcasts, Spotify, Google Podcasts and TuneIn.

The views, thoughts and opinions expressed in this podcast are the participants’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Original Article

About Jude Savage

Check Also

Solana price rally risks exhaustion after SOL’s 120% pump in two weeks

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overboughtSolana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below. SOL/USD daily price chart. Source: TradingViewTraditional investors typically see an overbought RSI as a potential sell signal, given the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL's price could enter a correction or a sideways consolidation stag..

Leave a Reply

Your email address will not be published. Required fields are marked *