The recent trend of Bitcoin can be said to have experienced two extremes:
After the CPI data for June came out, BTC immediately shot up a big positive line from 67,000 to 70,000. After Powell started speaking, it went directly from nearly 70,000 to 65,000, which was a world of difference. Recently, the price of Bitcoin even fell below the 60,000 US dollar mark.
Speaking of the three major positive factors for Bitcoin this year: spot ETF, Bitcoin halving, and Federal Reserve interest rate cut, two of the three have already been achieved.
After the Bitcoin spot ETF was approved in January, the price of Bitcoin soared from 30,000 to more than 40,000 US dollars. In April, when Bitcoin was halved, the price of Bitcoin broke through the 60,000 US dollar mark, and has been consolidating between 60,000 and 70,000 since then.
So if the last positive effect of the Federal Reserve’s interest rate cut is realized, how high will Bitcoin reach?
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