Once again the price of Bitcoin has changed direction, and after what seemed to be the beginning of a new bullish rally, it has decreased in recent days. This has raised the alarm among crypto users, with several voices announcing a potential collapse of the cryptomoney. However, for cryptanalysts like Scott Melker these concerns are unfounded. For, as he states in today’s Tweet, the price of Bitcoin remains high.
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Bitcoin Price in Perspective
After the expectations raised in the last few days, it’s normal that the drop in Bitcoin’s price was disappointing. After months of a stagnant price of around $9,500. BTC’s rapid rise to $12,000 led many to dream of a new bullish rally like the one in 2017.
This hope was also founded in the recent Halving at the Bitcoin Blockchain. This halved the rate of growth of the money supply of the cryptomone. This was expected to lead to a major boost in the price of Bitcoin. Just as happened after the second BTC Halving in 2016.
However, this decrease in Cryptosoft supply doesn’t seem to have been enough. Since September 1st, the price of cryptomoney has fallen significantly, from $12,044 per BTC in which it was quoted that day to $10,282 in which it is located at the time of writing. This doesn’t seem to have deterred analyst Scott Melker, who has reminded us that the price of Bitcoin is still high:
„$10,000 is a lot of money. Let’s not pretend that BTC has gone down to the same value as a package of candy and some used envelopes. We’re very well positioned.
With this message, Melker would like to silence the criticism that is beginning to arise against Bitcoin within the crypto community. For not having met the growth expectations that some had placed on the currency after Halving. Even though, if we are guided by the experience of 2017, if a new great bullish rally takes place, it will take place several months after the Halving.