BTC is retracing the previous Bull Market trend, will this big Bull Market rise to 100K?
The reason for the start of this bull market:
1. Fed rate cut
On the early morning of September 19th Beijing time, the Fed started a radical interest rate cut, the first one in four years, and directly dropped 50BP, which exceeded the expectations of many. BTC quickly surged and broke through the $62,000 mark.
2. Gold big pump
After the Fed's rate cut, Bitcoin also experienced a big pump, breaking through $2600 and gaining $540 so far this year, the best performance since 1979. Investors' risk aversion is high, and digital gold BTC is also pumping alongside gold.
3.Ethereum Rebound
Recently, Ethereum has rebounded, which has brought vitality to the entire ecosystem and improved market sentiment. All sectors are pumping, which also plays an important role in maintaining Bitcoin prices.
4. Harris publicly announced support for the encryption industry for the first time
Harris stated at a fundraising event in New York yesterday that if elected, he will encourage innovative technologies such as artificial intelligence and digital assets, while protecting our consumers and investors. This is the first time Harris, as a Democratic presidential candidate, has commented on cryptocurrency. The encryption industry has always praised Harris.
The world's second largest economies collectively announced interest rate cuts.
A certain Eastern country announced a series of loose economic policies on September 24, including reserve requirement ratio cuts, interest rate cuts, and a reduction in the Interest Rate of existing home loans. At the same time, innovative policy tools were introduced to support the development of the stock market, with the aim of stimulating economic growth and boosting market confidence.
Specifically, a certain eastern country announced a 2-point reduction in the reserve requirement ratio (RRR), which is expected to release approximately 1 trillion yuan of liquidity. In addition, a 500 billion yuan funding plan has been launched to support stock market investments, causing the Shanghai Composite Index to pump by 4.15% on the same day and boosting global market sentiment.
The BTC market responded positively to the news, but the increase was limited.
After the interest rate cut, the market's sensitivity to macro policies has dropped a lot, but in fact, there are still several important events this week that will have an impact on the market.
One is the speeches of various officials of the Federal Reserve, which have been throughout this week and can directly affect the market's expectations for subsequent interest rate cuts.
Second, Thursday night's final second-quarter GDP data, as well as speeches by Powell and ECB President Lagarde.
Lastly, there is Friday's PCE inflation data. Although inflation is no longer the main factor affecting the magnitude of rate cuts, this is still the first inflation data released after the rate cut. The market has not completely forgotten the risk of inflation rebound, so we should follow this.
On the whole, the macro events of this week have had a mild impact on the market, which is also the reason why I expect the cryptocurrency market to maintain a rising trend after the interest rate cut. I am still hopeful for BTC to break through 65,000 this week.
BTC is retracing the previous Bull Market trend, hold on!
#BTC