Madman says…
Bitcoin bearish momentum is gradually weakening, and in principle, there should be a short-term rebound, but overall, it has not adjusted properly yet. Currently, both funds and sentiment are still focused on ETH, so if you are betting on a rebound, ETH's increase will be higher than Bitcoin's.
Recently, the bad news is that the probability of the Federal Reserve lowering interest rates by 25 basis points in September is decreasing, from over 70% to over 50%. This is due to various economic data, such as inflation rebounding, unemployment rate decreasing, and the economy performing reasonably well. Most importantly, Cleveland Federal Reserve President Mester just stated that the current data does not support a rate cut in September. Coupled with the confrontation between Powell and the President, this matter has shifted from being finalized to uncertain, impacting the entire market. In the next week or two, this expectation will continue to affect the market, which is also one of the important reasons why I believe the adjustment is not yet over.
A relatively good strategy right now is to go long on any of the top ten non-stablecoins by market cap, and short XRP. This thing has nothing, yet it sits in the top three of the massive crypto market, surpassing BNB. Can you believe it? This hedge strategy is likely to yield significant long-term profits.
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"[Madman Talks Trends] Bitcoin Bearish Momentum Weakens, but Adjustment is Not Yet Over" This article was first published on (Blockkey).
