Why I'm Still Optimistic About Bitcoin (BTC)

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Bitcoin (BTC) is currently trading at $58,055. Bitcoin has not yet broken out of the downtrend and the selling pressure is still there, yet it has reclaimed $58,000 and remains above it is noteworthy.

Economists expected annual inflation in the USA to be 3.1 percent and monthly inflation to be 0.1 percent, but it was announced below expectations. Inflation in the USA in June was announced as 3 percent on an annual basis and minus 0.1 percent on a monthly basis. The cost of living for American consumers decreased by 0.1 percent in June compared to the previous month. Additionally, the CPI decreased for the first time since May 2020.

Federal Reserve Chairman Jerome Powell said that the Fed would start reducing interest rates if inflation was moving towards 2 percent. Inflation is expected to fall below 3 percent in the coming months, and the Fed is expected to begin cutting interest rates as inflation approaches 2 percent. I also think that the Fed will start reducing interest rates in the last quarter of 2024 or early 2025. I think that the decrease in inflation and interest rates in the USA will positively affect the crypto market, and many experts say almost similar things. We'll wait and see.

There is still selling pressure on Bitcoin, so the downtrend is not over yet, but recently the selling pressure has started to decrease and the German government's selling pressure on Bitcoin is decreasing. Macroeconomic data is positive for Bitcoin, signaling that Bitcoin may start a new bullish trend in the near future. I remain optimistic about Bitcoin, and recent developments make me even more optimistic. I even believe Bitcoin could hit a new ATH this year, and I especially have high hopes that 2025 could be Bitcoin's best year. We'll wait and see.

These are my thoughts, so what do you think about Bitcoin?

Thank you for reading
@rtonline

This is not investment advice, I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.