The post Expert Downplays Bitcoin’s Sub-30% Correction, Lists Positive Factors appeared first on Coinpedia Fintech News
Analyst Scott Melker and Mike McGlone joined Gareth Soloway for an interview and discussed the recent inflation data and also shed light on Bitcoin’s price action. According to Scott, the recent CPI and inflation data showed a minor decrease of 0.1%, the first decline in four years.
Although this decrease is small, it fuels expectations for a FED rate cut, prompting a significant selloff in tech stocks. However, he believes this is more of a market rotation rather than money exiting the market.
Regarding Bitcoin, Scott said that it has only seen a 27% correction from its peak, which is typical in previous bull markets where corrections ranged from 35% to 45%. While he acknowledges the possibility of further declines, he is not overly concerned.
He explained the importance of Bitcoin getting back above the 200-day moving average to boost confidence.
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