The market’s leading cryptocurrency, Bitcoin (BTC), has recently attempted to stabilize around $112,000 after experiencing a sharp decline to $110,000 on Sunday, meaning a 10% drop from all-time high (ATH) levels.
Ahead of the Federal Reserve’s (Fed) September meeting, market expert Doctor Profit highlighted on X (formerly Twitter) the upcoming implications and the most important technical indicators that paint a bleak picture for Bitcoin (BTC) and the broader market.
Fed Rate Cut To Trigger A New Market Correction?
Doctor Profit emphasized that the current market environment is markedly different from previous cycles. He believes that the anticipated rate cut by the Fed next month could initiate a robust correction in both stocks and cryptocurrencies.
According to him, the first significant cut typically brings uncertainty, leading to divergent opinions among investors, and he predicts that this time will be no exception.
Turning to Bitcoin’s technical indicat
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