In the short term, the cryptocurrency market will definitely follow the trends of the U.S. stock market. The U.S. stock market was closed over the weekend, and currently, there isn't much news. May is not expected to be surprising. The market makers have worked hard to push the prices up, and they certainly don't want retail investors to easily buy in at low prices.
This time, we can fully refer to history. In 2024, the Federal Reserve will cut interest rates three times. The first cut is on September 18, 2024, by 50 basis points, and on September 7, Bitcoin surged from 54,000 to 66,000. The second rate cut will occur on November 7, 2024, by 25 basis points, as Bitcoin rises from 67,000 on November 4 to 93,000. The third cut is on December 18, 2024, also by 25 basis points, which will enable Bitcoin to break through 100,000 USD.
Therefore, any small pullback in mid-May will be a good buying opportunity. Additionally, right now, at 8:30 PM tomorrow, the quarterly CPI will be announced. If the CPI performs well, it will be favorable for the Federal Reserve to cut rates. Whether the current market can reach a new high depends on this data release.
