Bitcoin Dropped Hard Today But It Doesn't Look Like It Will Last Long
Bitcoin has fallen sharply today, losing 4.92% in the last 24 hours and is currently trading at $101,042. Although Bitcoin's sharp decline despite the FED lowering interest rates by 25 basis points may seem surprising, I don't think it was surprising at all because it was already known that the FED would lower interest rates and it was already priced in.
In short, investors acted with the mindset of "buy the rumor, sell the news." But I don't think the declines will last too long and I still believe Bitcoin will hit $120K in 2024. (This is just a prediction and remember that there is a chance that the predictions may not come true.) We'll wait and see.
This is not investment advice, please do your own research before investing.
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I agree, the classic buy the rumor, sell the news.
These dips are often temporary. I’m optimistic for 2024 too, $120K seems a bit far right now, but it’s Christmas and anything can happen. 😜🚀