Bitcoin (BTC) faced a significant decline in price last week, dropping to as low as $60,000 according to data from CoinMarketCap. However, there has been a partial recovery in the BTC market in response to positive job data news from the US. Financial analysts at Kobeissi predict a 25% rate cut by the US Federal Reserve in November.
The US Bureau of Labor Statistics recently released the latest employment situation summary for the US, revealing a rise of 254,000 jobs in September, surpassing expectations by 107,000. The unemployment rate also fell to 4.1%, below the predicted 4.2%. Kobeissi suggests that these developments make a 25 bps rate cut by the Fed highly probable at the next FOMC meeting in November.
Despite the change in expectations for the rate cut, Kobeissi believes this situation will have a bullish impact on financial markets, including the crypto space. Investors maintain a high risk appetite, viewing all news positively. The expectation of a “soft landing” with falling inflation and a stable economy is seen as favorable. Bitcoin responded positively to the job report, rising by 2.53% to trade above $62,000. The anticipated rate cut by the Fed in November is expected to contribute to Bitcoin’s bullish performance in Q4 2024.
Despite a bearish start to the quarter, Bitcoin is predicted to see significant market gains based on historical trends. Analysts anticipate the cryptocurrency to reach a six-figure price soon. Currently, Bitcoin is trading at $62,874, reflecting a 7.65% gain in the last month.
In conclusion, the recent positive job data news from the US has had a favorable impact on the BTC market, with analysts predicting a rate cut by the US Federal Reserve in November. This development is expected to support Bitcoin’s bullish performance in the coming months, with the cryptocurrency poised for significant gains. Overall, the outlook for Bitcoin remains optimistic, with potential for further price increases in the near future.
