September may not be the real starting point of this bull market due to several potential uncertainties.

Although Bitcoin halving has often triggered a bull market in history, the market has become more and more mature, and participants have already fully anticipated the halving. Therefore, the halving effect may be digested by the market in advance, which means that September may not be the absolute starting point of the bull market, but only a stage of gradually accumulating market momentum.

Although the halving cycle is important, it is not the only trigger for the bull market. The market trend is also affected by the global macroeconomic situation. Although September may usher in a rate cut cycle in the United States, the effect of the rate cut is not immediate, especially in the context of the global economy is still full of uncertainty. Investors may remain cautious and wait and see the actual impact of the rate cut on the market. Therefore, the real start of the bull market may be delayed until clearer signs of economic recovery appear.

The altcoin market has performed differently in past cycles. Although bull markets usually drive all crypto assets up, the weak performance and high-risk attributes of altcoins may make them relatively lagging behind in the early stages of the bull market. Investors may prefer to allocate mainstream assets such as Bitcoin first, and then gradually turn to altcoins after waiting for clearer bull market signals.

September may be more of a warm-up stage for a bull market rather than the starting point of a full bull market. The real bull market may appear after the halving in 2024, when market momentum accumulates to a certain extent and the global macroeconomic environment becomes clearer. (War and recession risks) #美联储何时降息？