đ Bitcoin Expected to Surge as Analysts Back Fed's 25bps Rate Cut â Key Insights
Bitcoin (BTC) dropped to $60,000 last week, according to CoinMarketCap, but has since rebounded thanks to strong U.S. employment data. đ Financial experts at Kobeissi predict the U.S. Federal Reserve will lower interest rates by 25 basis points in November.
đ U.S. Job Market Surpasses Expectations as Inflation Declines by 1%
The U.S. Bureau of Labor Statistics released its latest job report on Friday, detailing the nationâs employment trends, including unemployment, nonfarm jobs, and wages. đŒ Kobeissi highlighted a surprise gain of 254,000 jobs in September, beating forecasts by 107,000.
In addition, the unemployment rate dropped to 4.1%, below August's estimate of 4.2%, with actual figures landing at 4.051%. đ Kobeissi analysts suggest there's a 93% chance the Federal Reserve will cut rates by 25 basis points during the November 7 FOMC meeting, against market expectations of a 50bps cut.
Despite the anticipated rate cut already being âpriced in,â Kobeissi remains optimistic about financial markets, including crypto. đč
đ Bitcoin on the Rise as Investors Embrace High-Risk Appetite
Analysts note that investors are eager for any good news, displaying strong risk appetites. With inflation approaching the Fed's 2% target and economic stability, many expect a âsoft landing.â đŹ
Bitcoin saw a 2.53% gain on Friday, climbing to $62,000 after the positive job report. đ Analysts predict the Fed's November rate cut will further boost Bitcoinâs performance in Q4 2024. Based on historical trends, Bitcoin is poised for significant growth, despite a rough quarter. Experts are hopeful the cryptocurrency will soon reach six figures, with its current value sitting at $62,874, a 7.65% rise over the past month. đ°đ$BTC
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