$BTC
The big one is coming again, Powell will speak at 2 AM tonight!
Is this bull market still on? Will Bitcoin drop below 110,000?
It mainly depends on the upcoming actions of the Federal Reserve.
Will they stop interest rate cuts, and will they change to interest rate hikes afterwards?
Whether the Federal Reserve cuts or raises rates ultimately depends on the state of inflation and employment data in the United States; these two are key.
Don't be fooled by Powell's tough talk right now; in the long run, loose policies are likely to return. After all, if asset prices can't hold and start to drop, politicians will certainly be more eager than anyone to push for policy easing.
Many people see Bitcoin reaching 130,000, but there will definitely be fluctuations in the short term. Looking long-term, easing will come sooner or later.
As for when the market will reverse, it depends on the market conditions: obviously, 112,000 is not the bottom. Currently, the bearish pressure on Bitcoin is weakening, but the bullish sentiment hasn't strengthened either. Overall, it is still moving within a range, with no signs of reaching a peak.
From the current situation of the bears, it is still difficult to break below 110,000; if it does break, it will likely look towards the 90,000s.
The law of falling during meetings is still in effect, so manage your positions well and pay attention to the news at 2 AM tonight.
