The Bank of England maintains an interest rate of 5%, and the market expects the interest rate to remain unchanged. The rate cuts are maintained at a slow pace, and the next rate cut is expected to be 25 basis points in November. It is expected that the rate will be cut four times by 25 basis points each time by 2025.
Federal Reserve officials predict that the median federal funds rate will drop to 4.4% by the end of 2024 and to 3.4% by the end of 2025, suggesting that there will be multiple rate cuts in the future.
The global interest rate cut wave is coming, which is undoubtedly an excellent opportunity for the currency market. Historically, Bitcoin started the violent mode 170 days after the production cut, reaching a peak of 310. The violent cycle after this production cut will be from October 2024 to March 2025.
Trend analysis:
The current price of Bitcoin has broken through the end of the consolidation pattern, and continued to move upward after falling back to 57,500, indicating that the consensus in the market is quite high. It began to explode after consolidating at the key price of 65,000 in the range of 60,000-65,000.
