📈 With the Fed's rate cut imminent, analysts predict that Bitcoin is about to usher in a big reversal!
Analysts generally believe that Bitcoin's six-month consolidation period is about to end, and the market may usher in a wave of rebounds!
Since March, the Bitcoin market has experienced a period of sideways consolidation, and although September is generally regarded as a bearish period, as this month and this quarter are coming to an end, analysts generally expect Bitcoin and the cryptocurrency market to usher in a major breakthrough.
Analyst "RamenPanda" said that although the market has been sideways for six months, the price has barely fallen below the previous high. Bitcoin recently returned to around $60,000, down only 18% from its all-time high.
Therefore, he believes that this sideways state will end and will usher in a strong upward trend, and the market will soon break out of the current consolidation pattern.
Meanwhile, economist Alex Krüger also observed that the sentiment of cryptocurrency traders has never been so depressed since 2022. However, he pointed out that Bitcoin is trading at roughly the same price as six months ago, seemingly waiting for an opportunity to break out.
Charles Edwards, founder of Capriole Fund, believes that the worst of Bitcoin is over, pointing out that the market is generally bearish in the third quarter, while the fourth quarter is expected to rise. At the same time, analyst "Income Sharks" also supports his view!
At this critical moment, the US central bank will cut interest rates on September 18, but there is still controversy over whether the rate cut will be 25 basis points or 50 basis points. Some analysts believe that a larger rate cut will be more beneficial to high-risk assets such as cryptocurrencies.
On the other hand, cryptocurrency YouTuber Lark Davis mentioned in a post on September 17: "The last time the Fed cut interest rates, the price of Bitcoin rose parabolically. If history repeats itself, the next 6 to 12 months will be crazy."
However, @KobeissiLetter warned: "This Fed meeting is the most uncertain ever, and no matter what they do, half of the market will be disappointed."
💬What do you think about the upcoming Fed meeting and the future trend of Bitcoin? What impact do you think the rate cut will have on Bitcoin?
