Bitfinex Report: Bitcoin's bottom may be between 40,000 and 50,000 US dollars

Bitfinex released a report stating, "The Federal Reserve's interest rate decision this month is expected to significantly impact Bitcoin's short-term volatility and long-term trend. Since the beginning of August, Bitcoin has risen by more than 32%, mainly driven by traders' anticipation that the Fed will make dovish statements. A 25 basis point cut could signal the start of a typical easing cycle, which may lead to a long-term rise in Bitcoin prices as liquidity increases and recession concerns ease. On the other hand, a larger 50 basis point cut could cause an immediate surge in Bitcoin prices but might be followed by a pullback due to heightened recession worries. Over the past week, we've seen spot holders reducing risk while speculators in the perpetual contract market are trying to 'buy low'. We continue to observe large amounts of open long positions on Bitcoin perpetual contracts. If we were to make predictions, we would caution that there could be a 15-20% drop during this month's rate cut with Bitcoin bottoming out between $40,000 and $50,000 USD. This isn't an arbitrary number but is based on each cycle's peak return percentage decreasing by about 60-70% and also factoring in diminishing bull market retracements. However if macroeconomic conditions change these assumptions can easily be negated making these moments full of uncertainty for traders."