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Bitcoin has been in a sharp downtrend in recent weeks but host of the “Wolf of All Street” podcast is convinced that the digital asset is still in a bullish market.

Scott Melker attributes the recent decline in BTC to a “long squeeze”.

He, however, sees no reason to believe that the world’s largest cryptocurrency is headed for a new low. Speaking with Yahoo Finance on Tuesday, Melker said:

You had someone with a massive spot position who sold all at once. [But] I don’t think we’re going to new lows, unless, we have some other massive black swan event. I don’t see that in the cards.

The broader trend in Bitcoin remains upwards as long as it’s trading above the $25,000 level, he added. Note that another prominent crypto analyst Jason Pizzino also said last week that BTC was at the verge of a breakout.

Remember that Bitcoin has a history of determining the overall direction of the crypto space at large. If it rallies, convention says the ecosystem will as well – and that may include the recently launched projects like Chancer.com.

Chancer is an up-and-coming platform that has the potential of being a darling for investors and gamblers alike.

The blockchain-based startup wants to unlock the “2.0” of gambling with the introduction of a much more fun and interactive concept of social betting. You can participate or create your own betting market on Chancer.com on things like sports, politics, and what not.

On the other hand, it’s just as fascinating for investors since it’s powered by a native token – the Chancer token.

Much like any investment, the value assigned to that namesake token which is currently in pre-sale depends on supply and demand. Over time, it may hit new milestones of price appreciation based on several factors that we’ll explore in detail below.

The eventually to-be fully decentralised network is already seeing solid demand for its BSC0 token considering its pre-sale has already raised more than $1.6 million. Note that $CHANCER is currently going for a rather attractive $0.011 per token.

Part of the reason why the Chancer token looks so much in demand is because it sits right at the heart of a fast-growing online betting and digital gaming space. It’s a market that’s worth about $90 billion at writing and is estimated to grow at a compound annualised rate of a whopping 10% in the coming years.

More importantly, the namesake native token is yet to list on a notable crypto exchange – an event that typically tends to deliver a significant boost to price. Not to mention that the NFL season that’s widely known to materially increase interest in online betting is now only days away.

That could be another possible catalyst for $CHANCER. Visit the website here to find out how you can gain exposure to the native token if you’re interested in betting on the potential price increase ahead.

Lastly, Chancer.com could benefit from the tailwinds that will likely help expand the crypto space at large. Statista – the data collection and visualization platform currently forecasts the crypto market to grow by a whopping 70% through 2027.

In the near-term, the U.S. Securities & Exchange Commission is yet to greenlight a Spot Bitcoin ETF for which a bunch of asset managers, including BlackRock, have filed in recent months. Such an exchange-traded fund is expected to materially boost institutional interest in the cryptocurrency.

Finally, inflation has come down sharply from its peak of over 9.0% last year to around 3.0% last month. What it means is that the Federal Reserve may now be near the end of its rate hike cycles and will eventually switch to cutting rates.

That’s significant because lower rates tend to invite interest in riskier bets like cryptocurrencies which include $CHANCER. For more information on the Chancer pre-sale, visit the project website here.  

The post Chancer outlook after expert said Bitcoin is still in a bullish market appeared first on Invezz.

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