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I see that Bitcoin's bullish trend has been broken, and today it is still in a price consolidation phase with a fairly long sideways movement above $105k. The bearish trend in the short term can still be seen, perhaps for a few more weeks, but I am very optimistic that the interest rate cut in September will provide extraordinary liquidity to the market, which could boost prices or turn the situation bullish again.
Bitcoin can rise at any time and for any reason. There are many positive factors that could drive the price up, but I really wonder why an interest rate cut would have such an impact on the market. If the market reacts based on interest rate adjustments, then the government has likely been able to control the market and bitcoin indirectly.
Bitcoin is still very likely to hit a new all-time high on this year, but we never know when that will happen. The potential for significant upside is still very reasonable, even if it takes weeks or months. Currently, the price is around $110,000, down nearly 1.5% in the last 24 hours.
It’s very obvious they bitcoin is a very volatile asset and it have every tendency to go up and down in terms of its market price, so whatever be the case, weather it goes up or down is something every true bitcoin investor should really expect and not to panic whenever such things happen. What’s necessary now for the long term investors is to be able to figure out discretionary income and accumulate consistently and take advantage of every market opportunity to add more value to your portfolio, because bitcoin price will continue to go up even though it went down at some point.