Bitcoin Struggles to Win Over Skeptics: Is It “Too Early” to Call a Bottom?

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

While Bitcoin approaches a defining moment with a potential US Federal Reserve rate cut, performance fails to convince commentators that Bitcoin is out of the woods.

In a September 15 X post, popular trader Josh Rager expressed skepticism, stating it is “too early” to adopt a clear optimistic stance.

People keep calling the "first higher-low" on the $BTC chart

But people were saying the same thing in June

Then Bitcoin rejected the midline of the trend and formed a new low

Not saying a new low comes here but calling this the bottom is a bit too early

Price rejected again pic.twitter.com/OIYffU6q8f

He noted that traders are overly optimistic, with those “calling the ‘first higher-low’” consistently being proven wrong as the Bitcoin chart continues its downtrend, with more room to fall.

However, Rager did leave room for some optimism, not taking a firmly bearish stance by saying, “Not saying a new low comes here.”

The looming September 18 US Federal Reserve interest rate decision contributes to Bitcoin’s recent suppressed price action, making identifying a bottom challenging.

The consensus leans toward a rate cut following Fed Chair Jerome Powell’s comments that the “time has come” for the US Federal Reserve to reduce interest rates. However, the extent of the cut will greatly influence market reactions.

A 25 basis point cut is seen as the more favorable outcome. This could potentially lead to long-term price appreciation for Bitcoin as the jitters about a slowing US economy and the prospects of a recession ease.

This would reaffirm Bitcoin’s recent