[2024-03-19] 'Wolf of All Streets' Warns Bitcoin Market Could 'Cool off ...

[chmod755]

'Wolf of All Streets' Warns Bitcoin Market Could 'Cool off Massively'

Scott Melker, also known as the “Wolf of All Streets,” has shared some concerns regarding the bitcoin market. Pointing to his “top signals,” he cautioned that the market could “cool off massively for a few months before hopefully ramping up again in the fall.”

This Market Could ‘Cool off Massively’

Scott Melker, also known as the “Wolf of All Streets,” shared his concerns regarding the current bitcoin market in a post on social media platform X on Monday. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.

“I have some concerns,” he began. “Fundamentally, with the [spot bitcoin exchange-traded fund] ETF interest and the cycle ramping up, I want to believe that we go much, much higher.”

However, he stressed: “Most of the top signals I would normally look for when I am not FOMOing are present — meme coins going insane, huge run on alts to historically overbought, bearish divergences showing across the board on high times frames, and max greed.” The Wolf of All Street cautioned:

I would not be AT ALL surprised to see this market cool off massively for a few months before hopefully ramping up again in the fall.

Melker emphasized that he is not making a prediction, clarifying that he’s simply “observing that we are at one of those phases where NOBODY is paying attention to any historic top signals.”

The Wolf of All Streets host recently shared his bitcoin market outlook on multiple occasions. In February, he suggested that bitcoin halving might propel BTC’s price to $240K. Earlier this month, he remarked on the beginning of a significant bull run for bitcoin and the broader crypto market, though he cautioned about an impending “huge bubble.” He also anticipated a resurgence of mainstream crypto fear of missing out (FOMO) once meme crypto dogecoin (DOGE) reaches a new all-time high.

Source: https://news.bitcoin.com/wolf-of-all-streets-warns-bitcoin-market-could-cool-off-massively/

[Oshosondy]

Scott Melker, also known as the “Wolf of All Streets,” has shared some concerns regarding the bitcoin market. Pointing to his “top signals,” he cautioned that the market could “cool off massively for a few months before hopefully ramping up again in the fall.”

This is very possible because bitcoin is showing that sign already. It will look as if it is going up already but dip down more than the last price it dipped down to. I was surprised that bitcoin dipped down below $61000 just not quite long ago as I saw it increasing yesterday before I slept. $60000 may be the next resistant and if broken, further downturn is possible.

[Davidvictorson]

Scott Melker, also known as the “Wolf of All Streets,” has shared some concerns regarding the bitcoin market. Pointing to his “top signals,” he cautioned that the market could “cool off massively for a few months before hopefully ramping up again in the fall.”

By cool off does he mean that a bear market? If yes, it seems to me that we have already entered the cooling off period. And I choose to see it as a half full and not a half empty situation. I see the good here and follow in MircoStrategy foot steps by DCAing more. This morning bitcoin price is $63000.  Until then,

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[cr1776]

It "could" or it "could not". 

The question is demand.  Outflows from GBTC were a lot the last few days.  More than inflows at other ETFs.  Their fees are insanely high compared to others so that isn't a surprise.  What is a surprise is that they didn't cut their fees to be competitive with the others.  A question in my mind is how much of the outflow from GBTC is going to go into others.  And once the outflows from GBTC stop or slow down, will other demand remain similar to it now?

Really, that's all it boils down to:  what is the demand and what is the supply.