Recently, the price of Bitcoin has really taken a roller coaster ride, suddenly dropping below the significant level of 100,000, and those altcoins are also joining in, with prices nearly returning to their previous lows during the last two dips. It feels like a third bottoming out, and just watching it is heart-wrenching.

Speaking of which, the main culprit behind this drop has to be the US stock market. Why did the US stock market drop? It's because Powell said a few harsh words. Although he mentioned a 25 basis point rate cut, the number of rate cuts next year may be reduced to two, which means the pace of rate cuts has suddenly slowed down, leaving everyone uneasy.

Powell was also asked about Bitcoin, and he said that it’s not so easy for the Federal Reserve to buy Bitcoin; they need Congress’s approval. This means that even if the US wants to buy Bitcoin, it can't just be decided by Trump alone.

As a result, the US stock market, especially the Nasdaq, has suffered greatly, dropping 3.56% in a single day, which is truly alarming!

Looking at our crypto market, Bitcoin is still holding up reasonably well; although it dropped below 100,000, it has since rebounded. ETH is doing okay too, with the support at 3500 points still intact.

But to be honest, when Bitcoin previously surged to 108,000, the market didn't show much significant movement; now, however, when it drops, it’s like it’s gone mad. The signs of capital withdrawal are particularly obvious, and many people are starting to have doubts; some big players have already taken the opportunity to cash out.

I think in the coming period, due to the dual holidays and the year-end, those major players will likely take a break, and the market may enter a not-so-good consolidation phase.

During this time, prices might fluctuate, going down and then bouncing back, but overall, it will likely continue to decline slowly. Therefore, those who previously reduced their positions shouldn't rush to add back; even if you want to buy, you can only do some short-term trades to make a little profit.

Also, if Bitcoin surges again, we need to see if the altcoins will rise along with it. If they do, we should quickly make a profit and exit, without getting greedy.

Now that the market has started to pull back, it is also becoming more active. At this time, it's the best opportunity to position ourselves for those potential altcoins. I have specially picked one cryptocurrency that is expected to rise 2-3 times in the short term and 5-10 times in the long term. If anyone is interested, please leave a comment and give a thumbs up, and I will share it with everyone for free!