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Bitcoin<\/a> is still a bull market despite the sharp sell-off in recent weeks, says Scott Melker \u2013 Host of \u201cThe Wolf of All Streets\u201d podcast.<\/p>\n The world\u2019s largest cryptocurrency has retreated from over $31,000 to the sub $26,000 level in about six weeks \u2013 fragility that Melker attributes to a \u201clong squeeze\u201d.<\/p>\n But he remains confident that Bitcoin is not at all doomed to make a new low in the coming months. Defending his view on Yahoo Finance<\/a>, the crypto trader and investor said:<\/p>\n I don\u2019t think there\u2019s reason to suspect we\u2019ll go to new lows like we did after the FTC collapse unless we have some other massive black swan event. I don\u2019t see that in cards.<\/p>\n<\/blockquote>\n Note that Jason Pizzino<\/a> also recently said that BTC could soon be worth over $42,000.<\/p>\n Scott Melker announced $25,000 as a key level to watch in Bitcoin \u2013 as long it\u2019s trading above that level, it\u2019s still in a bull market, he added.<\/p>\n The crypto expert sticks the probability of a Spot Bitcoin ETF<\/a> being approved by the Securities & Exchange Commission this year at 65%. He\u2019s constructive on BTC also because the big players have been loading up on it for months.<\/p>\n If you look at the way Bitcoin has moved over the past four years, we\u2019re in the midst of another four-year cycle in the exact same place that we were last time.<\/p>\n<\/blockquote>\n The total supply of Bitcoin is slated to halve<\/a> in the second quarter of 2024 \u2013 an event that\u2019s historically delivered a boost to its price.<\/p>\nMelker remains constructive on Bitcoin<\/h2>\n
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Bitcoin has strong support at $25,000 level<\/h2>\n
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