Cutting interest rates will likely have a positive impact on the growth of the bitcoin market. Towards September, the price of bitcoin began to show a recovery reaction where in the last 24 hours the price had risen by almost 6%. Bitcoin is trading at $63,600 as I write, but stronger resistance is still very likely to be broken in the remainder of August.
Bitcoin needs to break the $65k resistance before $70k is broken, but this will definitely take time and patience. The potential for a decline due to Bitcoin's failure to penetrate the resistance area is definitely there, but let's hope the price can stay above $63k today.
Yesterday Bitcoin almost broke through the $65K level again and now the price is not too far from that level so my confidence in seeing the price of $70K on Bitcoin again before September is starting to rise again at the end of this month because it won't be long until we all enter September and Bitcoin is starting to rise again quite well from now on. I also had an assumption that the interest rate cut by the FED could have a fairly good impact on the market including the Bitcoin market which in particular could happen this year.
From the end of this month onward, it will only get better for bitcoin because of the time and season. I want to believe that the era of deep corrections are over, although I'm still opened for anything because I'm still at the accumulation phase of my Bitcoin portfolio and I have no intentions to sell even if prices reaches the 100k short term target. I guess many people are also thinking in this direction because the awareness about the beauty of long term hold has gotten deeper penetration than ever.
I still have the confidence that this market cycle will shatter that 100k, although the US election will have a huge impact on this because as it stands, some candidates are seen as pro Bitcoin while some are seen as against Bitcoin. So, whatever the outcome of the election is will have direct impact on how the market responds and where we will seen price before the end of the year.