Professional crypto trader Scott Melker recently commented on the market in an interview. The professional trader, known by the nickname “The Wolf of All Streets” on Twitter, answers many questions that investors wonder. The assets that the analyst focused on were Bitcoin, ETH and SHIB.
Bitcoin, SHIB, DOGE are bearish or corrected, according to the analyst?
For Bitcoin, which is the first topic of the interview, many investors describe the current movement as a “fall”. However, the analyst thinks it’s time we stopped calling the current correction bearish. Stating that the 50% decrease was a significant withdrawal, the analyst added “corporate interest” and market perception to his explanations and commented:
To call it a dip to the bottom is a little pejorative. There has been a significant change in the market structure, perception of the asset and institutional interest in it.
In addition, Scott Melker, emphasizing the context and time frame, includes the following statement in his speech:
If you look at the monthly chart and Bitcoin’s history, it looks like a minor correction and a minor bottom. If you’re looking at the last 3 to 6 months chart, you might say that we’ve entered a short bear market here, the bull run is over and we can start a new one in a few days.
China’s decisions were also mentioned in the interview
As we have previously reported as , when looking at the current developments, China is among the most important issues. Scott thinks China’s latest decisions are “a little more important” than in previous FUD periods. In addition, stating that many miners migrated from China to different countries, the analyst also draws attention to the decrease in the Bitcoin hash rate. However, adding that this decrease in processing power will not be only negative for Bitcoin, the analyst thinks that many organizations and modern technologies can solve the problem by turning to renewable energy sources.
Finally, Melker, who also comments on Ethereum besides Bitcoin, says that he continues to be optimistic for ETH. Stating that this year, the leading altcoin outperformed Bitcoin, the analyst adds that ETH is currently declining. The analyst also stated that he has the capital to buy, given Bitcoin’s drop to $20,000.
Melker: leverage instigates and strengthens the market
The analyst was also asked if he saw some signals before the correction. Answering this question as “Although leveraged forecasts can be good in most cases, they can be quite destructive”, the analyst draws attention to leveraged transactions and interprets the situation as follows:
Leverage intensifies and empowers everything that happens in this market to a degree you won’t see anywhere else.
Among the topics was also the March 2020 drop of Bitcoin. While emphasizing how hard the liquidity providers are, the analyst reminds again that Bitcoin will go down to almost zero in this period.
Analyst comments on the impact of Shiba Inu and DOGE on the market
Melker says that apart from Bitcoin, the altcoin market is also quite unstable. Pointing to DOGE-inspired meme cryptocurrencies like the Shiba Inu as its symptoms, the analyst gave the example of the Shiba Inu experiencing a padollaration after Dogecoin.
Altcoin project SHIB has dropped 76% below its peak price, as the analyst noted in the video. Stating that this situation hurt many investors, Merkel adds that there are lessons to be learned.
“memecoins” like SHIB and DOGE do not move according to the market
Towards the end of the interview, memecoins such as SHIB and Dogecoin were also discussed. Adding that the duo does not act according to Bitcoin in this regard, the analyst added that this is not the importance of the industry. Melker also addressed investors with the following comment:
The biggest problem for me; The individual investor does not look at what he is buying. Thus, they end up buying a complete “joke”. They lose their money and “crypto is a scam! Bitcoin is a scam!” they say.
Finally, to summarize the interview, the analyst says that he “bought on the dips, but puts capital into the corner to buy at the bottom if Bitcoin drops to $20,000 and spends time in this region.”
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