On October 6, Markus Thielen, CEO of 10x Research, expressed optimism for Bitcoin’s performance this October, dismissing concerns about geopolitical tensions as unlikely to hinder its current momentum.
In a report by 10x Research, Thielen maintained a positive outlook for Bitcoin’s price in October, suggesting that recent geopolitical tensions would not disrupt the bullish trend. While acknowledging the potential for increased volatility, he viewed it as an opportunity for traders rather than a significant threat.
Thielen pointed out that concerns about the U.S. economy, especially in the employment sector, are the main factors influencing price trends this month.
Stronger-than-expected U.S. jobs data has alleviated fears of a recession following last month’s modest rate cut. The U.S. added 254,000 jobs in September, far exceeding expectations, and the unemployment rate declined to 4.1%. This robust report led to a shift in market expectations, reducing the likelihood of another substantial rate cut by the Federal Reserve in November. Market predictions now favor a 25bps rate cut, suggesting the possibility of a soft landing for the economy without triggering a recession.
Despite a rocky start in October, Thielen noted this to be typical, with Bitcoin often showing weakness early in the month. However, he emphasized that the remainder of the month could offer significant catalysts to maintain upward momentum. With historical trends showing positive returns for October, the stage is set for potential gains.
The forthcoming US Consumer Price Index (CPI) release on October 10 is expected to provide more insights into the economic narrative. A forecasted CPI of 2.3% suggests a slight decrease in inflation, supported by the Personal Consumption Expenditures index, which showed a similar trend. Institutional investors are signaling renewed optimism as ETFs for Bitcoin and Ethereum see positive inflows. Political developments, including Kamala Harris’s endorsement of digital assets and Donald Trump’s support, further bolster the market’s bullish sentiment as the US election looms as a key catalyst for the fourth quarter.
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#Bitcoin’s #Uptober gains momentum despite geopolitical tensions. Strong US jobs data and political support boost market optimism. 📈🚀 #Crypto #BTC #Economy
