Hitting the Bitcoin price bottom is a process, says The Wolf of All Streets, Scott Melker
Crypto investor, trader and content creator Scott Melker, aka The Wolf Of All Streets, joined the new Crypto trading secrets podcast for an interview with presenter Benjamin Pirus. During the call – which was recorded on November 29 – Melker gave his opinion on a variety of topics, including what he looks for in Bitcoin’s (BTC) price chart to tell him it’s time to start thinking about a bull market transition. “It’s usually a multi-month process,” Melker said of assets. “It could take even longer than that.”
Crypto Trading Secrets with Benjamin Pirus is one of several shows launching as part of Cointelegraph’s new podcast programming. Featuring interviews with crypto trading and investment personalities, each episode of Crypto trading secrets will focus on various topics related to the investment and trading side of the crypto space.
Early in the interview, Melker noted potential signs that Bitcoin could form a bottom in terms of sentiment and also weighed in on mainstream factors that could hold BTC down. Later, Melker pointed to the charts and mentioned what he looks for that might tell him that Bitcoin and crypto have turned.
“Obviously, we’re in a streak here in terms of the price of lower highs and lower lows, and when that streak is broken, you have a technical break of the bear trend and a move into a bull market,” Melker said. “Right now, the last low is, I think, right around $25,200 — something like that,” Melker said bluntly. “So it would take a pause at that level to start talking about a bull market.”
He also mentioned other possible price and chart movements that people can look for that could signal a price change into a bull market. “But I think in terms of sentiment, it will be pretty clear when prices start to rise, [people] stop reacting to bad news, people are getting interested again,” he added, continuing:
“Maybe we’ll start to see more good news, but if we see a real bull run, what will inevitably happen is that most people will be in disbelief. They won’t believe it’s really happening. It will be $25,000, $32,000, $40,000, and wherever these people start buying in, it’s likely to be the local peak.”
The interview covers much more, including the archaeological pursuits from 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 those of the participants alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
