This is not a rugpulled memecoin or a fiat currency.
This is Bank of America, which is the world's 7th largest bank by assets.
$BAC has crashed over 8% today, wiping out $30,000,000,000.
CPI data is coming today with expectations at 3.6%.
Currently, the market sees an 81% chance that the Fed will hold rates this month.
If CPI <= 3.6%, the rate pause could become almost certain.
If CPI > 3.6%, the rate hike odds could go up, but I still think a pause will happen this month.
🇺🇸 Key takeaways from today’s Fed Minutes:
• All 19 officials supported September’s rate hike
• Most expect another hike in 2026
• Inflation risks remain tilted higher
• Many saw risk-management reasons to raise rates
• Several see rates as only mildly restrictive
• Job market expected to remain stable
• Economic outlook strengthened since July
• AI investment continues to surprise to the upside but could drive inflation up
At least this cycle I don't have to spend the whole time calling for ETH to go home, considering it's already there.
Still think a DCA approach throughout the 2nd half of the midterm year is what generally works well.
If there is a shock later in Q4 then can deal with that at the time.
$USDT.D is now at its weekly support zone.
It could go a bit lower, which will push the markets higher.
But after that, I'm expecting a reversal in USDT dominance just like Q1 2023, which will lead to a correction in $BTC and alts.
Remember, it'll be a bull market correction and not a new cycle low.
I sold my last Bitcoin at $85,000. Why?
There’s a lot of FOMO building on Twitter right now.
We accumulated around $58K–$62K, so after capturing that move, I’m taking profits.
That doesn’t mean I’m calling a local top. As described in my last post there is not a lot of sell pressure between this level and $88,000.
It just means I’m managing the position based on the risk/reward in front of me.
And for the newer members:
Yes, I still expect a retrace toward the mid-$70Ks.
That remains my base thesis for now.
But I’m not going to force that thesis if the market starts telling us something different.
My invalidation is clear.
If Bitcoin starts closing multiple daily and weekly candles above $83K, I will consider the retracement thesis invalidated and reassess.
Simple.
I’m not emotionally attached to being right. I’m focused on responding to the data.
So for now, there is no reason for me to chase the market because Twitter is getting euphoric.
We already had our entries.
We already captured a significant move.
Now we wait.
The market doesn’t move in a straight line, and neither should your decision-making.
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