Is BTC a double top pattern or a restart of the bull market?

Bitcoin Rainbow

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Explore in the first image!

1: The market has experienced a V-shaped rebound after choosing to decline from early February to the bottom in early April, with Bitcoin once again returning above $100,000.

It reached a high of $105,800. This year's decline time cycle and the launch time node are significantly different from previous time nodes, as the market behavior during the Spring Festival and the beginning of the year has broken this pattern. The decline time in April and the deep washout oscillation in May-June-July indicate that the market trend has clearly changed.

2: Is it a double top pattern that has rebounded to position, or a breakthrough above $100,000 that confirms a re-launch? Let's look at the trend data analysis of the rainbow chart. After stabilizing at $100,000, the previous range point for Bitcoin is at $143,000. This is just the first range point; the second range point is at $193,000. This also aligns with the doubling from the $100,000 milestone to nearly $200,000, which is consistent with institutional targets.

3: Based on the current expectations for Federal Reserve interest rate cuts, there are likely about three more cuts this year. The cut in June may not happen, which means speculative points might extend to July and August. Last year, cuts also began in September, so the market is generally optimistic about a rate cut in July. Coupled with the current price returning to the $100,000 mark, and in conjunction with interest rate cuts, it is indeed possible for Bitcoin to reach one million RMB per coin according to the rainbow chart trend.

4: However, the market often moves in ways that are beyond everyone's expectations. Therefore, brothers and sisters should enter the market with caution. Set stop-losses as soon as you open a position, whether in spot trading or contracts, and make sure to implement a drawdown risk control to prevent significant drawdown risks, which could lead to losing your principal investment...