Other responses are quite empty. After the recent tariff and non-farm payroll events, the entire cryptocurrency market has experienced a major correction, which cannot be considered a significant drop. Many long-term investors feel that the bull market has ended because Bitcoin has this tendency. There is a four-year bull-bear cycle, and after hitting historical highs, the bull market is usually over. I've also been pondering this issue in the past couple of days. Based on past experiences, Bitcoin may have peaked, and now those entering the market are likely to be latecomers to the historical highs.
However, the non-farm payroll data point is crucial. From the data perspective, the numbers are not ideal: there are too many unemployed, and not enough employment opportunities, reflecting a significant loss in the labor force, which indicates that the economy in the United States is already quite poor. But because of this, the probability of an interest rate cut in September has increased. Banks are lowering deposit interest rates to encourage people not to save money but to spend and invest more, which will stimulate the economy.
The interest rate cut in September is a significant positive factor. Bitcoin is inherently a product of speculative emotional bubbles. Historically, significant rises in Bitcoin have accompanied interest rate cuts in the United States. Therefore, I personally believe this is just a correction; the bull market is far from over, and the tail end of the bull is still there!
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