One of the signs of a bull run is Bitcoin ($BTC) reaching its all-time high, which has already happened. However, it feels incomplete for many of us because we want our altcoins to pump, which didn't seem to happen when BTC reached its new all-time high. So let me give you an idea.
Since Bitcoin reached its all-time high on March 14, 2024, we've witnessed a series of bearish events. Despite these numerous bearish events, the price has remained relatively high, hovering around $60,000 (until now).
Key bearish catalysts include:
- The Federal Reserve maintaining interest rates at 5.5%
- Rising unemployment rates
- Germany selling 50,000 Bitcoin
- The U.S. selling 10,000 Bitcoin
- Grayscale selling 386,000 Bitcoin
- The Mt. Gox refund of over 100,000 Bitcoin
- An inverted yield curve
Take note that Q4 is historically the most profitable during halving years. This year, it is expected to be even more bullish due to several factors:
- Quantitative easing (potential Fed pivot and rate cuts)
- U.S. elections (Pending)
- A Bitcoin supply shock (Pending)
All very bullish points, to be honest!
#UpTober is approaching, although there are some macroeconomic warning signs like CRE (Commercial Real Estate), personal debt, and unemployment concerns.
Hopefully, we can transition through this period smoothly.
And by smoothly, I mean $150K - $200K per Bitcoin!
