The crypto market looks great today, with the digital assets trading in the green.
At the moment of writing this article, BTC continues to trade in the green and the coin is priced at $7,880.84.
Bitcoin is expected to see some significant price movements as the halving is approaching and it’s 14 days from now.
Crypto market vs. traditional market
Crypto analyst Scott Melker said that he’s a buyer, and he’s looking to see how the correlation between crypto and the traditional markets is holding up.
If Bitcoin and SPX correlation can be defined as “both go up, then SPX goes back down and $BTC stays up,” then yes, I’m fine considering them being “correlated.”
If we define correlation by its actual definition and Markowitz’s mathematical formula then… nah.
— The Wolf Of All Streets (@scottmelker) April 24, 2020
He also made sure to explain that if another move to the downside hits the traditional markets, BTC will also be following the trend.
The global economy is extremely volatile these days amidst the global crisis triggered by the coronavirus pandemic.
Investing is more important than trading
Amidst this scenery, Melker also says a message for all Bitcoin believers. He dais that people who are trying to day trade BTC should take a break these days, because he is confident that BTC is heading for a long-term exponential growth.
“If you truly believe that Bitcoin is going to 100K, then you should just slowly buy it, regardless of price, and check your balance quarterly. No need to risk trading away your stack before it gets there. If you insist on trading, do it with 15% of your portfolio or less,” he said.
I bought some more $BTC.
— The Wolf Of All Streets (@scottmelker) April 24, 2020
He highlighted the importance of this and said that there are lots and lots of people who have made a lot of money in the market without ever looking at charts.
He said that investing is more important than trading, and even the most successful trader should start with being an investor first.
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