As expected, the price of Bitcoin has reached around 62,000. The trend of Bitcoin will not be strong in the future, and it will still be a range-bound market! The announcement of the Fed's interest rate cut did not pull the price of Bitcoin to 65,000 or even 68,000. You can imagine that the upward momentum is very insufficient. It can be predicted that if the Fed really cuts interest rates in September, the increase may not be very large, and good news will generally be overdrawn in advance. Since Bitcoin first hit the bottom of 48,000, it has been a range-bound oscillation wash without rules. Because it is a high-level wash, the panic of the market is not seen, and the market is cut and left! The wash during this period is nothing more than the harvest of contract traders, and there is no harvest of retail investors in the market. The previous wash harvest was at the bottom of the wash, and the market doubted life. It knew that it was the bottom but was worried that there would be a deeper bottom, and then the wash oscillated, causing the market to cut its meat and leave, and there was a dead silence! At this time, the bottom wash was completed, the dealer absorbed the funds, and a certain time point began to pull up, opening the real big bull! In the future, if there is no major event, the Bitcoin market will basically fluctuate between 62,000 and 65,000. It is very likely that a conspiracy to test the bottom again will be brewing, reaching 57,000! Once it drops to 57,000 and stabilizes, the support level of 52,000 may not be a big problem, and the second bottom can basically be formed.
How will the bull market go? One thing is certain, the interest rate cut in September may bring a wave of rise in the currency market. But is this wave of rise a flash in the pan, or is it the beginning of a bull market?
I personally believe that the market will tentatively rise before the interest rate cut and recover some lost ground.
Once the dust settles on the rate cut, there may be a pullback.
After all, the market started betting on a September rate cut in early August. After 50 days of expected digestion, when all the good news has been exhausted, there will often be a market cleansing.
The violent cleansing after the interest rate cut may restart a new round of rising cycle for the BTC. This cycle may last longer, but there will inevitably be several cleansing and flash crashes in the middle. It will not be until the benefits of the interest rate cut are gradually realized at the end of the year that the market may truly break through.
Potential Altcoin worth paying attention to now!
ZK
Zksync is one of the most watched cryptocurrencies this year. Although it performed poorly in the early days of listing, resulting in the loss of some of the profits of early investors, the current market trend shows that ZK is expected to become one of the most outstanding cryptocurrencies in the coming months.
Despite the initial drop, ZK has recovered more than 40% of its losses and is showing strong upward momentum. The current price action has pushed ZK’s market cap above $500 million, and this continued growth performance suggests that investors may see more optimistic gains in the coming days.
In addition, ZK's expanding use cases are also a potential driving force for its future price increases. In summary, regardless of ZK's previous performance, investors should pay close attention to the token, observe its price changes this quarter, and seize possible investment opportunities.
FLOKI
Floki (FLOKI), a meme cryptocurrency, has seen a sharp rise in price recently, up more than 33%. The market recovery has pushed FLOKI's price to $0.0001522, up more than 3% today. This upward trend is closely related to the recovery of the overall cryptocurrency market, especially the rise of Bitcoin, which may further drive FLOKI's value to double.
The bullish trend in the FLOKI derivatives market was supported by an increase in trading volume and open interest. Trading volume increased by 0.39% to $268.59 million, while open interest surged by more than 3% to $14.22 million, indicating increased market confidence.
Additionally, Binance announced an airdrop of Simon's Cat (CAT) emoji coins, which boosted the value of FLOKI. Anticipation of this airdrop by the Floki Inu community has pushed the token up 33.18% in the past seven days since the beginning of August, reversing the downward trend since the beginning of June.
ONDO
Ondo has repeatedly become the flagship Altcoin of the RWA ecosystem. Over the past 30 days, ONDO’s price has fallen by 28%. While this may be frustrating to some market participants, this analysis shows that the decline has presented a rare buying opportunity.
A key reason for this argument is the speed at which BlackRock is buying Altcoin. Based on current trends, the American investment tycoon may buy more ONDO in September.
From a technical perspective, seller exhaustion seems to be setting in as the coin forms a descending triangle. ONDO is currently trading at $0.70 and could drop to the $0.65 support level.
But once it falls to that price, a rebound is likely. If accompanied by buying pressure, the coin could surge by 90%, potentially reaching $1.25.
