10x Research: Betting On Bitcoin’s October Rally As MicroStrategy Shares Poised For Breakout
In Brief
10x Research noted that Bitcoin’s rally began last Friday due to employment data reports and expects this momentum to continue in October.
Organization focusing on digital asset research for wealth managers and cryptocurrency service providers, 10x Research shared in its latest report that Bitcoin’s rally began last Friday, fueled by stronger-than-expected employment data. While Bitcoin has historically shown some weakness during the first week of the month, the rest of October presents several key factors that could sustain this upward momentum. According to the firm, geopolitical factors are unlikely to derail the bullish trend, though they may offer strategic opportunities for traders looking to take advantage of market volatility.
Last year, analysts maintained an optimistic and contrarian view of the October rally, which resulted in a 27% rise in Bitcoin’s value.
Looking at this year, the narrative has shifted, with many highlighting the strong seasonal trends seen in October. Historically, 8 out of the past 10 Octobers have shown positive returns, with an average gain of 20%. October has a reputation for considerable market activity, often driven by unique and pivotal events. This year is anticipated to follow a similar pattern, the firm highlighted.
Bitcoin Surges Amid Positive US Jobs Data, Despite ETF Outflows
At the time of writing, Bitcoin is trading at $63,613, reflecting a 2.70% increase over the past 24 hours. The cryptocurrency’s intraday low was recorded at $61,978, while its high reached $63,887, according to data from CoinMarketCap. This upward movement comes despite $301.54 million in outflows from Bitcoin exchange-traded funds (ETFs) over the past week.
Bitcoin’s price rebounded over the weekend, nearing the $64,000 mark, following the release of positive US employment data last week. The rebound began shortly after the US released its September jobs report, which revealed the addition of 254,000 jobs—far exceeding the Dow Jones forecast of 150,000. This stronger-than-expected data boosted market sentiment, increasing liquidity and fueling expectations of another potential rate cut by the US Federal Reserve in November.
Analysts anticipate this optimism around the US economy to continue. Earlier in the month, Bitcoin had mostly hovered around lower levels, even dropping to nearly $60,000 last Thursday.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
