The Federal Reserve (FED) recently announced plans for gradual rate cuts, which led to significant market reactions. This triggered notable sell-offs, especially in the U.S. stock market. However, in the long run, this doesn’t alter the fundamental outlook for cryptocurrency.
We still maintain the belief that $BTC Bitcoin’s “main target” for this cycle remains at $120K, despite the inevitable “bumpy roads” along the way.
From a technical perspective, Bitcoin is currently in a critical zone. Risk indicators are flashing red, fear and greed levels are at extreme greed, demand has decreased, and distribution indicators suggest a possible correction.
As previously advised, taking partial profits and securing moonbags for Altcoins remains a prudent strategy. While this won’t completely shield a portfolio from drawdowns, it can mitigate losses and provide additional capital for future moves.
Given the dynamic nature of the crypto market, it’s challenging to predict daily price movements with precision. The key is to focus on the “bigger picture.”
It’s likely that Bitcoin will consolidate around the $100K range, with price action continuing to evolve. Stay cautious and, above all, avoid being greedy!