CoinVoice has learned that 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. The current Bitcoin price is comparable to last Monday's level. 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, options flows still point to a bullish fourth quarter, with investors continuing to buy the $75k/95k call spread expiring in December. QCP remains optimistic about a strong October, given the potential for future rate cuts and Bitcoin's strong correlation with the stock market. Thursday's US CPI data will be in the spotlight. Recent US wage and employment data has been strong, and the market will be watching closely for signs of rising inflation. 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 expectations for further rate cuts are adjusted. [Original link]
