This is a cycle without bulls or bears.

After a few months of decline, a wave of increase is the future market norm.

We are in a super cycle of Bitcoin, and the final price of BTC should exceed $200,000, or even $500,000!

However, this wave around $110,000 is the peak of this phase; I maintain my personal view!

Firstly, 10 to 11 is a positive sign from the easing of tariffs between China and the United States, which has a driving force emotionally.

Once the positive signs materialize, the market will slowly start to reprice.

But I currently do not see any major players who could leverage a breakthrough of $120,000 or even the $150,000 that everyone talks about.

Let’s talk about interest rate cuts:

1. The market generally expects the Federal Reserve to start cutting rates in September 2025.

2. JPMorgan predicts it will be in June or July.

First of all, June is unlikely; the market predicts the probability of a rate cut is only over 20%, and even if there is a cut, the maximum would be 25 basis points.

I believe the probability of a rate cut in September is the highest.

I also looked at the Federal Reserve's meeting schedule; August is a window period without meetings, which is quite interesting.

Whether the rate cut happens in July or September, Bitcoin's price will respond in advance.

Currently, part of the rise is due to expectations of rate cuts.

So regardless of whether the cut happens in July or September, October is a critical juncture.

The market will naturally reach a bottom after the first rate cut in the second phase, and then, as the rate cuts gradually take effect, a new market trend will emerge.

The above content is merely my personal opinion.

With high mountains and long roads, I hope everyone does not fall behind on the journey of following Bitcoin forward, just go for it!