Or did it?
Bitcoin likely had bets that Powell & Co would give in. It had been clear for two months that downturn was coming, Fed was faking. I dunno? Bitcoin, when doing its job, should have congestion fees nearly white making bitcoin correlations difficult.
Predicting bitcoin is how difficult?
Bitcoin prices currency via congestion fees. If fees are about the same everywhere, on a ratio basis, then there is no clear reason not to use bitcoin for currency exchange. And the opposite, when central banks are mostly working, bitcoin price is mostly stable, there is no reason to use bitcoin for exchange. The miners network has adaptable transaction costs, more adaptable than any other currency exchange. So the miners network is simply a whitener for the mutual trade of a few major currencies, almost unbiased and just needs a few users, or it can handle a lot; it is a machine.
One way to predict bitcoin is to predict the concentration of miners who get the most business at certain moments. But that ultimately fails when all the miner code is packed into a block of arctic ice.
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