Scott Melker, also known as the “Wolf of All Streets,” has expressed concern about the current bitcoin market, warning that it could “cool off in a big way for a few months before hopefully picking up again in the fall.”

Scott Melker, also known as the “Wolf of All Streets,” has expressed some concerns regarding the bitcoin market. Pointing to his "top signal," he warned that the market could "cool off massively for a few months before hopefully picking up again in the fall."

This Market Could 'Massively Cool Down'

Scott Melker, also known as the “Wolf of All Streets,” shared his concerns regarding the current bitcoin market in a post on social media platform X on Monday. Melker is a trader, investor, author, and host of the popular Wolf of All Streets podcast.

“I have some concerns,” he began. "Basically, with ETF [spot bitcoin exchange-traded fund] interest and cyclicals picking up, I'd like to believe that we're going to go much higher."

However, he stressed: "Most of the top signals I usually look for when I'm not FOMO are present - meme coins going crazy, big runs on alts to historically overbought, bearish divergences appearing across the board on high time frames, and maximum greed ." The Wolf of All Paths warns:

I wouldn't be at all surprised to see this market cool off massively for a few months before finally picking up again in the fall.

Melker emphasized that he was not making a prediction, and clarified that he was simply "observing that we are in one of those phases where NOBODY is paying attention to historic peak signals."

In 2020, he won the Binance Influencer of the Year Award for North America. The Wolf of All Streets host has recently shared his views on the bitcoin market on various occasions. In February, he suggested that the price of bitcoin should halve to $240,000.

Do you think the bitcoin market will cool significantly over the next few months as Scott Melker warns? Let us know in the comments section below.