📉#Bitcoindropped more than 4% in the last 24 hours, below $60K. However, a retest of $74K is possible in the coming weeks thanks to the Wyckoff reaccumulation model and the possibility of three rate cuts by the end of 2024.

🔍 BTC is testing important "Spring" support

- Wyckoff reaccumulation model: 9 periods of accumulation after a long uptrend.

- Currently BTC is in the "Test" phase, testing the low of $53,400 to confirm the new uptrend.

📈 The final phase "Sign of Strength" (SOS) will begin when BTC retests the peak of $74K, signaling a strong uptrend.

💼 Possibility of cutting interest rates 3 times in 2024 amid recession risks

- BTC decreased 10% along with the US stock market from August 1 due to unemployment reports and reduced manufacturing activities.

- Bitcoin ETF withdrew about $200 million in the same period.

📊 BTC decreased despite the possibility of interest rate cuts, different from the previous trend when the crypto market often welcomed weak economic data.

📉 BTC may be at risk of recession but will recover after the Fed cuts interest rates in September, according to many analysts.

💬 What do you think about this prediction? Share your opinion! 🚀#Crypto#BTC #Finance

Source: X