Follow up from yesterday's post: 58k was in fact achieved as a quick dump, now the question is 56k and below. The potential peak is still 66.6k, but it's unlikely.

The recent market trend, following Powell's insinuation of a rate cut, seems to be clearer than ever.

It's the same as previously expected, the rate cut will not exceed 100bps and most likely will be 50bps.

Immediately after Powell made his speech, Bitcoin pumped within minutes. After peaking in the 65k zone it is now staggering at 63k, and more downfall is expected as most investors expected some magic miracle triggered by rate cuts and that's not how it works.

Monetary policy is not the cause of a market trend, it's more like damage control to keep things in balance. Historically, since 2000, nearly every market crash was preceded by a rate cut. Why? Because before the rate cut, there was a rate hike to contain a huge bubble. That bubble didn't disappear. It's blowing up and to boost the economy from a follow up recession a rate cut comes in.

$BTC max peak is most likely 66.7k, dump can be 58k and below immediately.

#ShortMaestro #PowellAtJacksonHole