"Scott Melker predicts Bitcoin to hit $180,000"
In the ever-evolving world of cryptocurrencies, the discussion around Bitcoin's future value continues to captivate investors and analysts alike. Here's a roundup of recent perspectives on the matter.
Scott Melker, host of The Wolf of All Streets, believes that Bitcoin is currently undergoing a crucial period in its development and price correction. Melker, who is not convinced that Bitcoin is in a bubble, suggests that the digital currency still has room to grow. He uses the MVRV indicators and the Stock-to-Flow model to argue that Bitcoin is not overvalued.
The MVRV indicators compare the market value of Bitcoin with its realized value, providing insights into whether Bitcoin is trading at a premium or a discount. The Stock-to-Flow model, on the other hand, measures the scarcity of Bitcoin, a key factor in its value.
Currently, Bitcoin is trading around $86,000, below its historical high, which coincided with the arrival of Donald Trump to power. This price point falls within the consolidation range that Bitcoin has maintained for months.
Mike Alfred, a recognised figure in the crypto sector, predicts that Bitcoin will reach $180,000. This prediction is far from its historical high of $109,026.02. Analysts believe that the next few months will be fundamental for Bitcoin and the entire cryptocurrency market.
The US presidential instance dedicated to digital assets has been created to study the inclusion of tokens in the national reserve. Furthermore, the US Senate has approved the formation of a team to urgently discuss the formation of a strategic bitcoin reserve.
However, it's important to note that the investment in cryptoassets is not fully regulated and may not be suitable for retail investors due to its high volatility, with a risk of losing the entire amount invested. Bubbles in the cryptocurrency industry are concerning as they anticipate an abrupt drop in the quotation.
Various analysts predict that Bitcoin could reach levels of up to $175,000 this year. To reach such levels, BTC must overcome the resistance of $100,000 again. Despite the ups and downs, Melker remains optimistic, stating, "we're going much higher."
In conclusion, while the cryptocurrency market remains volatile, the long-term trend, according to Melker, is clear: Bitcoin is poised for further growth.
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