The following three reasons determine the bullish trend:
1. We are in a period of interest rate cuts/before global quantitative easing.
2. The current cost of bitcoin holders is high and the profit is not much.
3. The Canadian currency is supported by governments including the United States and Japan.
After the conflict between Israel and Iran is resolved, bitcoin will still fluctuate upward.
Reviewing the trend of non-agricultural data at the beginning of each month from April to October, April, June, and August are all downward corrections, and May, July, and September are first stepped back and then reversed. Now it is October. Whether it is the implementation of the interest rate cut or the approaching November election, there is not much time left for institutions to clean up the market. The definite rise in October is irreversible.
There are many bearish people in the market. After the recent interest rate cut, 100 billion yuan of funds have flowed into the market. These funds are not retail investors adding positions but institutions entering the market. The general trend of November and December is unstoppable. The air force should not make unnecessary resistance.
