A great sign for Bitcoin. More evidence that the ultimate bottom for the year may already be in and we could even get a little Christmas rally here. With people starting to eye the end of this economic contraction and the halving, we could be leaving the worst of it.
And what's more interesting, we're nearer to the halving and this year is about to end. It's true that we may have already done with the bear market, and we already hit the bottom for bitcoin. The world situation is starting to get better than the previous years because they're the worst and that would impact directly to bitcoin even if we say that it's highly not correlated.
We still have over 500 days left until the halving, so it's not a short time. As I understand it, the positive market reaction is a result of the news from the Fed that they will begin to slow down the pace of raising interest rates but interest rates are still high and they say they can extend rate hike until 2024, so I don't think bear season is really over. We shouldn't get too excited as bitcoin is only up slightly and hasn't been able to break through $18k and $20k is an important level for the end of the year.
Yes, there's likely a connection about the FED and changing the interest rates. But we have to wait for the official announcement which might come within the next few days or even a week or two or more. It's okay to get excited as we're always dealing with the reality, it just seems that we've already dealt the worst of this season and the market is becoming better. Any price that bitcoin goes up is giving us that boost no matter how huge or small it is.
The Fed will meet on the 3rd and will announce rates after that, I also believe that the market will have a positive reaction because many people predict the Fed will actually cut rates for this hike.
If there is no other collapse, we have bottom for this year's bear season but we should pay attention to the rumors surrounding Gemini, Genesis, if they declare bankruptcy then we will continue to find new bottoms. As I said, I will continue to be cautious even though the market is showing positive signals.