The plunge continues! The only question now is: Will/when will Bitcoin fall below $100,000?
As I said when the non-farm payroll data was released on September 5th: interest rate cuts and a surge are two different things!
Even after the rate cut, if there's another wave of decline, until no one dares to call a bull market, that's when the real surge begins! (See Figure 2 below)
Bitcoin is already approaching its previously mentioned first support level: $108,500, while ETH is headed for its second support level: $3,830 (See Figure 1 below).
This month, everyone's been talking about a drop, but now it's really continuing to fall. I want to encourage all cryptocurrency traders: the bull market is still here!
The basic logic remains: The Fed has started cutting interest rates again. No matter how much Powell talks, the Fed can't keep interest rates this high for so long (currently 4.00%-4.25%) unless they want to drag everyone down with them.
Don't listen to the self-deprecating advice of those who give up. When the price drops to the right level, buy the dip. After that, eat and sleep, and wait for the wind to pick up! #Bitcoinpanic