Bitcoin’s Final Adjustment:⁢ Entering a⁣ Bull Market

Bitcoin (BTC) has fallen to the $55,000 ‌level, sparking analysis that ​it will undergo its final adjustment and‌ enter a bull market.

As of⁢ 10:23 ​am‌ on the 9th, BTC was recorded‌ at $55,003.14, up⁢ 1.26% from the previous day according ‌to⁢ CoinMarketCap.‌ This is ⁣a 4.05% ​decrease over the past week.

Michael van de Poppe, a⁤ cryptocurrency entrepreneur, shared his⁤ insights on ‍the market, stating that “there has been a significant ‌correction in the market, and​ it seems that it is⁢ coming to an end.” He believes that BTC is⁢ likely to⁣ bottom in ⁣the $45,000 to $50,000 range,⁣ similar to the correction in 2019. Van de Poppe has over 720,000 followers⁢ on X.

Van de Poppe further explained that‍ “given the Fed’s rate cuts, the economic slowdown, and China’s increased global liquidity, it seems inevitable that we are on the verge ⁢of ⁤the biggest bull market in history.” He ⁢also predicted that “after BTC’s⁤ last correction, the⁣ bull market‍ will continue ⁤for two⁢ years.”

The Federal Reserve (Fed), the central⁤ bank⁣ of the United​ States, will ⁢hold the‍ Federal Open Market Committee (FOMC) on the 17th and 18th to decide on the base interest rate. ⁤The market​ expects the Fed ⁢to⁣ announce a small cut (0.25%p) at‌ this FOMC. Interest rate cuts usually have ‍a ​positive effect on risky assets such as virtual assets, as they can promote liquidity supply ​to the ⁤market ‌and push up prices.