Bitcoin is reproducing the trend of the previous bull market. Will this round of bull market rise to 100,000?
Reasons for the start of the bull market:
1️⃣ Fed rate cut: On September 19, the Fed cut interest rates by 50BP for the first time, exceeding expectations, and Bitcoin quickly broke through $62,000.
2️⃣ Gold surge: After the rate cut, gold broke through $2,600, with a cumulative increase of $540. Risk aversion was high, driving Bitcoin up.
3️⃣ Ethereum rebounded: Ethereum's recovery boosted market sentiment, promoted the rise of various sectors, and supported Bitcoin prices.
4️⃣ Harris supports the crypto industry: Harris publicly supported digital assets for the first time in a fundraising event, boosting industry confidence.
In addition, a certain Eastern country announced a rate cut and easing policy on September 24, releasing about 1 trillion yuan in liquidity, boosting market confidence, and driving global optimism. Although Bitcoin responded positively to the news, the increase was limited.
There will be several important events affecting the market in the next few days, including speeches by Fed officials, the final value of second quarter GDP and PCE inflation data.
Overall, the impact of macro events this week is mild. I expect the currency market to maintain its upward trend and look forward to Bitcoin breaking through $65,000! Hang in there!
