Bitcoin is still fluctuating widely. It rebounded after getting support near 58,000 yesterday, reaching a high of around 61,000, and then began to plunge again in the early morning, directly falling to near 58,800. The market trends in recent times have been dominated by foreigners. During this period, the price has been constantly rising and falling. It is indeed a bit disgusting to clean the market in this way. When most people despair about the future market, the rally will come.

This year's market conditions are really cold, colder than in 2021, 2022, and 2023. This can be felt from the on-chain activity. Gas has never been so ridiculously low.

Although 2021 was a year of transition from bull to bear, at least the activity level was very high, and there were still many people participating in various projects. The heco made people rich at the beginning of the year, the zoo meme led by shib made people rich in the middle of the year, and the chain game made people rich at the end of the year. This year, except for the sol pre-sale meme track that started to make people rich at the beginning of the year, there was no other wealth creation.

Although the market has hit bottom in 2022, everyone is full of hope. The concept of web3 has brought about a good wave of enthusiasm. Whether it is for profit or investment, good returns can be obtained in 2022.

In 2023, arb airdropped first, and then pepe aidoge and other local dogs started a wave of airdrop craze. Various new projects sprang up like mushrooms after rain, and the number of people online reached its peak. Any well-known project had millions of addresses participating.

In 2024, the market opened high and ended low. The Bitcoin ETF + halving brought about a wave of surges, and Bitcoin also reached a historical high, but altcoins did not follow the rise, and the overall market trend gradually declined. The on-chain data became lower and lower, and the secondary market was stagnant, with only sideways and downward movements.

ETH’s gas is almost returning to zero, which means that there is no money-making effect in the market. I would like to say that in this situation, we can only continue to wait. If the bull market doesn’t come, we will just keep waiting. The dog dealer has accumulated so many chips, and it definitely needs a bull market to sell them.

September is coming soon, and many friends are looking forward to the interest rate cut to start a violent bull market. What Qingtian wants to say is that according to historical rules, the market reaction after the interest rate cut may be early or delayed.

In most cases, it is good news for Bitcoin to rise. In a few cases, the market may face selling pressure, leading to a decline, and it may show a decline first and then a rise.

for example:

1. The Federal Reserve began to cut interest rates in July 2019, but the market had already begun to react to expectations of rate cuts in April 2019. After the rate cut, the price of Bitcoin first fell and then rose.

2. In March 2020, after the Federal Reserve cut interest rates, the market ushered in the main upward trend half a year later.

One thing to note is that the USDT exchange rate has already fallen a lot before the official rate cut. Once the rate cut is official, it will definitely fall below 7. If you need money, cash it out early, otherwise it will not be cost-effective to cash it out after the price drops.

Since you have read this far, please like before leaving. I am Qingtian, an old investor who sincerely wishes you to get rich!