On the daily chart level of $BTC , both the weekly and daily levels are turning downwards, initially forming a double top pattern. Currently, only the monthly line supports the upward trend, is a major correction about to arrive?
Looking down, if this month closes bearish on the monthly line, meaning it falls below 100,000, then there will be a signal of topping for this bull run; looking up, if Bitcoin breaks 115,000, it can pull the weekly and daily charts back into an upward trend, but currently, it seems unable to hold above 110,000. Those who shorted around 110,000 with Cap Brother a few days ago can set their stop loss at 115,000.
From a fundamental perspective, interest rate cuts have yet to take effect, so the main narrative will continue to revolve around this, but the question is when will the rate cuts start? How many times? By how many basis points? I predict a rate cut in September, with Bitcoin reaching for a peak again in August, but before August, it will definitely test the bottom one more time, potentially falling below 100,000; whether it drops to 93,000 or 85,000 will depend on the subsequent bearish strength.
