QCP Capital: Remain optimistic about Bitcoin's strong performance in October, this week's CPI data is key

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MarsBit
10-07
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Mars Finance News, QCP Capital's latest analysis points out that despite a turbulent start to the month, Bitcoin's October rally seems to be back on track. Bitcoin prices are currently at the same level as last Monday. QCP pointed out that the "Uptober" narrative coupled with strong non-farm payrolls helped Bitcoin find strong support around $60,000. The upcoming HBO Bitcoin documentary has also brought more mainstream attention to cryptocurrencies, and meme tokens related to Len Sassaman have also begun to gain attention. Despite a poor start last week, option flows still point to a bullish fourth quarter, with investors continuing to buy $75,000/$95,000 call spreads expiring in December. QCP remains optimistic about a strong performance in October, given the potential for future rate cuts and Bitcoin's strong correlation with the stock market. This Thursday's US CPI data will be the focus of the market. With recent strong US wage and employment data, the market will pay close attention to whether inflation shows signs of rising. The Fed's rate cut expectations were lowered from 50 basis points to 25 basis points in a week, and this week's data may determine whether the rate cut expectations will be further adjusted.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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