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.