Spectra Markets President: If the non-farm payroll data is stronger than expected, it may weaken the Fed's interest rate cut expectations and further suppress the BTC price

Brent Donnelly, President of Spectra Markets, plans to place buy orders at $94,000 and $82,000 for Bitcoin to protect against a potential market panic. He stated that the waning popularity of digital assets as a corporate treasury asset, coupled with the bearish seasonality of Bitcoin's halving cycle, could lead to a prolonged bear market for Bitcoin. Historical data shows that Bitcoin bull markets typically peak 16 to 18 months after a halving event, followed by a one-year bear market. Given the halving in April 2024, this could indicate that the current bull market is nearing its end. Furthermore, Bitcoin recently broke below key support at $111,982, confirming a double top pattern breakout that has now turned into resistance. The market is also focused on Friday's US non-farm payroll data. If it beats expectations, it could weaken expectations of a Federal Reserve rate cut, further depressing Bitcoin prices.