Bitcoin Market State - September 2024Everything has been moving pretty much as described in my last update half a year ago, however the projection for the top has changed.
It appears as though Bitcoin shall not break through 100k, but will instead front-run it at the 80k region. This is a deviation from my previous estimate, and is due to new data in the last 6 months.
Looking at the economic situation, we have finally started getting rate-cuts. This was one of the criteria for confirming that we are about to enter a recession-induced bear market in the near future.
High point rate-cuts by the Fed are a sign of policy panic, and reaction to a failing economy. The effects of these policy changes take many months to trickle down, therefore 2025 is looking like a losing position with reinforcement far away.
Only when the rates finally get below 1%, do I expect to see liquidity injections into the market.
Be aware, that this would be Bitcoin's first recession, hence the extended downtrend in both price and time.
The timeline remains the same for the top projection (November 2024 - March 2025), and the bear market target remains the same too (Sub 10k prices in 2026).
This is not financial advice, and is against popular opinion.
-Hawk
