#MarketPullback Correction of 11% of Bitcoin after its all-time high is not the end of the bull market, says analyst

A potential drop below 100,000 dollars does not prevent the price of Bitcoin from reaching 150,000 dollars in the short term, says an analyst from Crypto Investidor.

Correction of 11% of Bitcoin after its all-time high is not the end of the bull market, says analyst

Price Analysis

The 11.3% correction recorded since Bitcoin reached its all-time high of 124,000 dollars on August 14 is a natural and healthy adjustment of the market following the continuous upward movement that began in April, says Diego Pohl, analyst at Crypto Investidor.

Trading at 113,493 dollars, with a drop of 3.3%, Bitcoin

BTC

94,933 €

confirmed its worst weekly close since early July on Sunday, August 24. The signal of a possible interest rate cut by Jerome Powell, chairman of the U.S. Central Bank (Fed), during the Jackson Hole symposium on Friday, 22, was not enough to reverse the correction of Bitcoin's price.

Despite Powell's flexible stance, the probability of a rate cut at the September meeting of the Federal Open Market Committee (FOMC) rose only 1.6% compared to the previous week, according to FedWatch Tool data.

"Right after Powell's speech on Friday, Bitcoin surged and tested the 117,000 dollar region again, driven by the reading that rate cuts could come as early as September; however, this initial enthusiasm was followed by a strong selloff over the weekend," notes the weekly bulletin from digital asset manager QR Asset.