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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.
Do you think the bitcoin market will cool off significantly for a few months as cautioned by Scott Melker? Let us know in the comments section below.