QCP Capital: Bitcoin bullish sentiment strengthens in the fourth quarter, keep a close eye on this week's US CPI data

PANews October 7 news, Singapore crypto investment institution QCP Capital issued a statement saying that after a turbulent start, "Uptober" (usually refers to the upward trend of the cryptocurrency market in October) seems to be back on track. Bitcoin's current price is roughly the same as when it opened last Monday. The narrative background of "Uptober" coupled with strong NFP (non-farm payrolls) data has enabled Bitcoin to find strong support near $60,000. The upcoming HBO Bitcoin documentary has also brought more mainstream media attention to cryptocurrencies, and meme coins with Len Sassaman as the theme have also begun to be sought after. Despite the bad start last week, option trading flow still points to a bullish fourth quarter, as people continue to see people buying December expiration, $75,000 and $95,000 call option spreads (CSpds). With more expectations of rate cuts and Bitcoin's strong correlation with the stock market, there is still optimism about a strong performance in October. That being said, all eyes are on the US CPI (Consumer Price Index) this Thursday. Given recent strong U.S. wage and employment data, the market will be watching the CPI data closely for any signs of rising inflation. The Fed’s rate cut expectations have fallen from 50 basis points to 25 basis points in a week, and this week’s data may determine whether the possibility of further rate cuts has been ruled out.