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Was a $126,000 Bitcoin the Top?
The start of a bear market, or one last pump before an even larger retracement?
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So much for Uptober.
The whirlwind month had initially gone according to plan, sending Bitcoin to a new all-time high at $126,000 before Trump’s October 10 post on Truth Social sent the market nosediving.
It was the worst October for the BTC/USD price since 2018, ending up 3.69% in the red.
Yesterday, it briefly dipped below $100,000, the first time since June.
In addition to hundreds of billions of dollars being removed from this market last month, we’ve witnessed another large sell-off.
Yesterday, we saw $90 billion erased, including over $2 billion in crypto liquidations over the past 24 hours.
So, why on Earth did Bitcoin fall even with the expected 25 basis-point cut at last week’s Federal Open Market Committee (FOMC) meeting?
While the Polymarket odds still favour a 25 bps decrease in December, which would make it three consecutive rate cuts from the Fed, this has dropped sharply since the October 27–28 meeting, following Fed Chair Jerome Powell’s comments, particularly this one:
