10x Research: Wagering on Bitcoin's Surge This October as MicroStrategy's Stock Set for a Leap
In Brief
10x Research pointed out that the momentum behind Bitcoin's recent rally started last Friday, driven by the favorable employment reports, and they predict the continuation of this trend through October.
An organization dedicated to digital asset analysis aimed at wealth managers and cryptocurrency service providers, 10x Research shared in their latest findings that Bitcoin's recent uptrend began last Friday, fueled by stronger-than-forecast employment updates. Historically, Bitcoin tends to show some volatility at the beginning of the month, yet as October progresses, several vital elements could underpin this bullish trend. The organization believes that geopolitical uncertainties are unlikely to derail this upward trajectory; rather, they might create strategic trading opportunities amidst market fluctuations.
Last year, market analysts upheld a positive and somewhat contrarian stance concerning October's trends, which ultimately led to a significant 27% increase in Bitcoin's price.
This year, perspectives have begun to shift, with many pointing out the robust historical patterns exhibited during October. In fact, 8 out of the last 10 Octobers have ended positively, averaging a remarkable 20% gain. October is historically associated with significant market movements, frequently influenced by unique events. Observations suggest that this trend will likely repeat itself this October. the firm highlighted.
Bitcoin Experiences Surge Following Positive US Employment Figures, Despite Outflows from ETFs
As of now, Bitcoin is trading at $63,613, marking a 2.70% rise in the last 24 hours. According to CoinMarketCap, the cryptocurrency's intraday low was $61,978, while it reached a high of $63,887. This price increase has occurred despite experiencing $301.54 million in outflows from Bitcoin exchange-traded funds (ETFs). Bitcoin exchange-traded funds (ETFs) over the past week.
After the release of encouraging employment data from the U.S., Bitcoin's price rebounded over the weekend, approaching the $64,000 threshold. This turnaround began shortly after the U.S. disclosed its jobs report for September, revealing a surprising addition of 254,000 jobs, against a Dow Jones prediction of just 150,000. Such unexpectedly strong employment data has positively influenced market sentiment, suggesting increased liquidity and raising hopes for a potential interest rate cut by the Federal Reserve in November.
Experts predict this optimistic outlook surrounding the U.S. economy will remain. Earlier in the month, Bitcoin mostly languished at lower levels, even plummeting to nearly $60,000 last Thursday.
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