Monday's forecast that we would rise before the rate announcement was fully justified. What's next? Let me remind you that today is a very important day for all markets - the rate announcement of the world's largest central bank by assets. The Fed is expected to cut interest rates after keeping borrowing costs at their highest level in two decades. The rate cut will likely support risky assets such as Bitcoin, as softer monetary conditions will make speculative assets more attractive to investors.
📉The question is how much the rate will be cut, by 25 or 50 points. The greater the reduction, the higher the local upward momentum, after which a downward correction is expected for several days. The stock market is already preparing for disappointment, having reached a historical maximum ahead of the Fed meeting.
🦾I hope my predictions that the local bottom was reached at $49,500 will come true and we will not fall below. In any case, the long-term effects of easing monetary conditions will contribute to a new bull cycle for Bitcoin, Ethereum and the rest of the market. Strong fundamentals and alignment of technical indicators of Bitcoin indicate that it may be preparing for another major rally.
💥It is also worth considering that #BTC made a significant breakthrough, closing the dominance level at 57.68% for the first time since April 2019. Historically, when Bitcoin's dominance level reached such values, it began a long-term upward trend, increasing the dominance level to 71%.
🎲 Chart - 152 days have passed since the last Bitcoin halving. The last bull market cycle began 160 days after the halving.
