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The crypto market’s resilience has always been its defining feature and being an old soul in this Crypto realm, I strongly believe that despite all these hurdles and trend-shifting, in the long term, the crypto world will only go upwards.
My theory is that the market is being manipulated and the Fed rate cut is the "cover". Big corporations have been eyeing bitcoin for some time, but many didn't consider taking it seriously until it reached 100K. Interesting that as soon as it hit 100K, right about the time numerous corporations decided to add it to their portfolios, the price drops dramatically. They don't buy at 100K, so now they have a convenient opportunity to "buy low". How low? Depends on how badly the want BTC.
This may be the last time we see it under 100K... ever. Once some of the big corporations buy in, it'll become trendy among all corporations. They're probably talking about it at their Christmas parties right now. Next year it'll be a contest of which corporation owns the MOST BTC.
Just my opinion.