QCP Capital analyzes that Bitcoin plummeted from $91,000 to $86,000, mainly due to two points: soaring expectations for Bank of Japan interest rate hikes and weakening non-manufacturing PMI in China dragging down Asian macro sentiment; Strategy CEO mentioned the possibility of selling BTC when stock prices are below NAV and financing dries up, amplifying market panic. Despite the end of QT, a 87% probability of a rate cut in December, and renewed net inflows into ETFs, it is normal for BTC to experience a pullback after previously rebounding 15%, and the key is whether it can hold above the previous low.
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QCP Capital analyzes that Bitcoin plummeted from $91,000 to $86,000, mainly due to two points: soaring expectations for Bank of Japan interest rate hikes and weakening non-manufacturing PMI in China dragging down Asian macro sentiment; Strategy CEO mentioned the possibility of selling BTC when stock prices are below NAV and financing dries up, amplifying market panic. Despite the end of QT, a 87% probability of a rate cut in December, and renewed net inflows into ETFs, it is normal for BTC to experience a pullback after previously rebounding 15%, and the key is whether it can hold above the previous low.