Looking solely at the relative levels of risky assets, the September 16th rate hike was actually the cyclical low point of this wave. Now, gold and Nasdaq have both fallen far below their previous prices. BTC, however, withstood the massive Binance hack and managed to remain above 75K, which is incredibly strong. Given this clearly divergent market dynamic, it's difficult to be bearish on BTC in November. Once the US stock market finishes its valuation correction and stops dragging down prices, BTC could experience a violent rebound at any time.