Bitcoin Retest of $120,000 Is ‘Within Sight’: Bitbank

Group 1 - The Federal Reserve's first interest rate cut in 9 months is expected to have a significant impact on Bitcoin trading, with traders likely taking about a week to fully digest the implications [1][2] - Analysts suggest that the current risk-on sentiment following the Federal Open Markets Committee (FOMC) meeting could serve as a tailwind for Bitcoin, with a potential test of the $120,000 mark in sight [2] - The market is anticipated to refocus on inflation and rate cuts after the initial reaction to the rate cut, with upcoming speeches from Federal Reserve officials expected to provide further insights [2][3] Group 2 - A prediction market indicates that 72% of users expect another 25-basis point rate cut in the upcoming October meeting, while nearly 11% believe rates will remain unchanged [3] - The CME FedWatch Tool shows that 92% of traders are anticipating a 25-basis point cut, with only 8% expecting the Fed to skip a cut next month [4] - Concerns remain regarding the stronger dollar and weaker bonds, but these are viewed as short-term reactions, as the bond market had overly priced in future cuts [4] Group 3 - U.S. economists forecast a month-over-month growth in core PCE at 0.22%, a decrease from 0.3% in July, with personal income and consumption growth expected to slow [5] - Bitcoin options activity indicates that traders are currently cashing in on premiums rather than waiting for a breakout, reflecting a cautious approach in the market [5]