The Bitcoin price increased dramatically at the beginning of this week before plummeting by 8% yesterday. Bitcoin price loss is unreasonable at the moment, thus the volatility element bothers cryptocurrency investors.
The flagship currency must maintain above the psychological level of $30000 to avoid getting trapped in the downturn for an extended period of time.
Investors in cryptocurrencies were gearing themselves for a far stronger positive rise from Bitcoin. However, the king currency had some other plans as the currency has dropped from $30,000 trading at $29,732 down by 1.19% in the last 24hrs.
Bitcoin To The Moon
Bitcoin was hovering around the $30,000 mark on Thursday (June 2), today it is below this level. Yet a popular crypto analyst and trader “Wolf of All Streets” believes “Bitcoin is moving towards the moon.”
Also known as Scott Melker hosts the “Wolf of All Streets” podcast and is the writer at “The Wolf Den Crypto Newsletter.” He was asked this question during an interview with former Wall Street analyst Charles Payne, who hosts the Fox Business Network (FBN) show.
This analyst responded that Bitcoin is definitely going to the moon. The analyst also looks forward to getting Payne Coin back, onec Bitcoin hits the moon.
Further Scott Melker says, “It’s easy for us as Americans with exposure to stocks, global markets, and global reserve currency to dismiss Bitcoin as simply another asset. But we’re witnessing narrow acceptance all over the world.”
While talking about Bitcoin as a hedge against inflation, the strategist quotes, “Every day, nation states accept it as legal cash, individuals use it as a method of exchange.” As a result, it saves lives. It’s also a true inflation hedge in nations like Venezuela, where there is hyperinflation.
Scott Melker posting a tweet that also includes, “We are just getting started, and as I previously stated, we in the United States have a unique perspective on it, but it is saving lives all over the world.” Bitcoin definitely go to the moon.”