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The escalation of the trade war between the USA and China in early October triggered a cascade of liquidations in the cryptocurrency market, crashing prices. Now, a reduction in macroeconomic risks could launch a bullish rally for Bitcoin, the expert noted.
Another factor that, according to Dawson, may lead to a sustained positive trend for the first cryptocurrency is another reduction in the Federal Reserve's interest rates. In such a scenario, speculative interest in traditional financial instruments decreases, prompting investors to adopt riskier strategies, including cryptocurrencies.
In 24 hours, Bitcoin has risen by almost 4%, reaching a local maximum of $111,100, which has triggered a slight rally in the broader altcoin market.
"We are likely seeing a local bottom for Bitcoin, which is extremely sensitive to such events. If all concerns are finally dispelled, we may see significant growth. However, the risk of escalation in the trade war between the USA and China still remains, which could provoke further declines," said Dawson.
Earlier, JAN3 CEO Samson Mow suggested that the next Bitcoin bull rally will surpass the rate of gold price growth.
