Crypto strategist Scott Melker is detailing his current outlook on Bitcoin, Ethereum, Litecoin and XRP.
Melker says BTC’s dip to around $62,000 after Coinbase hit the stock market on Wednesday is no surprise.
“That’s a really, really classic textbook trade, something like that. Now, as you know, when you’re trading these, you don’t put it exactly on the line, you spread orders above, below, right at the line, so that you catch it. You might not fill a full position, but you also don’t want to get front-run by whales.”
If for some reason Bitcoin breaks below that $62,000 level, Melker says he’d be looking for a trade right around the $60,000 area as a retest. Melker remains bullish on BTC, although he’s anticipating outsized returns in the altcoin market.
“Bitcoin is the most important asset ever created. If I had to choose one thing to hold, it would be BTC. That said, if you are a TRADER (not investor), the disproportionate upside from this point is likely in altcoins. They are far more likely to make you insanely wealthy.”
As a primary example, Melker says Ethereum is quietly breaking out against BTC and showing no signs of stopping. He was hoping to execute a trade in the $2,200 area, but so far the second-largest cryptocurrency hasn’t looked back.
The trader is predicting Litecoin (LTC) will hit $347 in the short term. LTC is trading at $273.75 at time of writing, according to CoinGecko.
Melker is also bullish on XRP, noting that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple now appears to be boosting the asset’s price.
“It’s amazing what happens when the company is not selling and those coins are removed from the supply. You have tons of demand, FOMO (fear of missing out), and no huge players selling into it. So I believe that’s why we’re seeing this continued strength and it could continue to keep going if the FOMO remains…
To me right now, any dip on XRP is probably for buying.”
XRP is trading at $1.77 at time of writing, nearly a 92% increase over the past seven days, according to CoinGecko.
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