In our previous issue, we predicted that "if the tariff issue becomes more clear around August and expectations of interest rate cuts from September onwards increase, Bitcoin (BTC) will rise further," and that "the climax is finally beginning." Indeed, Bitcoin steadily reached new all-time highs, reaching $123,000 in July and $124,000 in August.
In particular, the disastrous U.S. employment statistics in early August sparked speculation of renewed interest rate cuts in September, which fueled the price rally. However, despite Federal Reserve Chairman Powell confirming at the Jackson Hole meeting on August 22 that the market was already pricing in a September rate cut, the price stalled, dropping below $110,000. Many market participants were puzzled, but this may be a sign that the climax is approaching.