Once again the price of Bitcoin has changed direction, and after what appeared to be the start of a new bullish rally, it has declined in recent days. This has raised the alarm among crypto users, with various voices announcing a potential cryptocurrency crash. However, for crypto analysts like Scott Melker these concerns are unfounded. Well, as expressed in the Tweet of the day, the price of Bitcoin is still high.
The price of Bitcoin in perspective
After the expectations raised in recent days, it is normal that the fall in the price of Bitcoin was disappointing. And it is that, after spending months with its price stagnant around $ 9,500. The rapid rise of BTC to $ 12,000, led many to dream of a new bullish rally like the one in 2017.
This hope was also founded on the recent Halving on the Bitcoin Blockchain. Which halved the growth rate of the money supply of the cryptocurrency. What was expected would lead to a significant boost in the price of Bitcoin. Just as it happened after the second BTC Halving in 2016.
However, this decrease in the supply of Bitcoin does not appear to have been enough. Well, since September 1, the price of the cryptocurrency has fallen significantly, from $ 12,044 per BTC on which it was trading that day to $ 10,282 where it is located at the time of writing this article. What does not seem to have deterred analyst Scott Melker, who has recalled that the price of Bitcoin is still high:
«$ 10,000 is a lot of money. Let’s not pretend that BTC has dropped to the same value as a packet of candy and some used envelopes. We are very well positioned«.
With this message, Melker would seek to silence the criticism that within the crypto community begins to emerge against Bitcoin. For not having met the growth expectations that some had placed on the currency after the Halving. Despite the fact that, if we are guided by the experience of 2017, if a new big bullish rally occurs, it will take place several months after the Halving occurred.