$BTC Overnight, Bitcoin hit a new low again, reaching 57,000. However, this is not the bottom!
We have emphasized before that 53k is not the bottom of Bitcoin, and 2.8k is not the bottom of Ethereum.
Now, Ethereum has fallen below 2.8k, but Bitcoin is still at a high level. There is a lot of room for further decline.
In addition, every time the US stock market crashed, the cryptocurrency circle was inevitably sacrificed. On March 12, 2020, Bitcoin fell from 10,000 to 3,000.
This time the Fed is about to cut interest rates, but Bitcoin cannot be pulled up from 70,000 in one go, and the dealer cannot lift the bridge for all retail investors.
The most likely way is that the dealer uses the media to spread the good news of the interest rate cut to lure retail investors to go long. Then the dealer takes the opportunity to ship, blow up the long positions of retail investors or force them to cut their losses, and then directly reverse the explosion, not giving retail investors the opportunity to collect chips at a low level.
History will repeat itself on March 12. It is expected that Bitcoin will fall to the 30,000 range, and then wait for the Fed to officially announce the interest rate cut. The market makers will take advantage of the situation to pull it up to 70,000-80,000, and together with the 70,000 at the beginning of this year, it will form an M top, and then enter a bear market.
Note that Bitcoin cannot reach 100,000 in this cycle! Any blogger who says that it will rise to 100,000 is just shouting orders without thinking. Because retail investors like to hear news of rising prices.
PS: It is just a personal opinion sharing, and most of the time it is wrong. If you use it as a basis for investment, you will bear the consequences at your own risk.