Bitcoin Will Rise As Analysts Support Fed 25Bp Cut – Details

Bitcoin (BTC) fell as low as $60,000 last week, according to CoinMarketCap. The BTC market has recovered in the recent day due to favorable US employment statistics. Financial sector experts at Kobeissi expect the US Federal Reserve to lower rates 25% in November.

US Jobs Outperform Expectations As Inflation Falls 1%
The latest US jobs summary was issued Friday by the BLS. This monthly report examines US labor force conditions such demographic unemployment, nonfarm employment, hours, and wages by industry.

Kobeissi notes that US employment grew 254,000 in September, an unexpected 107,000 boost beyond estimates.

On a similarly "hawkish" note, the unemployment rate fell to 4.1%, below August's 4.2% estimate. Kobeissi analysts note that the unemployment rate was 4.051%, 0.002% shy of 4.0%.

According to Kobeissi, the Fed is 93% likely to lower rates by 25 bps at the next FOMC meeting on November 7, which is below market expectations of a 50% decrease.


Even though the projected bps decrease has been “priced-in”, Kobeissi remains upbeat for financial markets, including crypto.

Analysts say investors expect any news to be excellent since they have a high risk appetite. Many financial market aficionados expect a “soft landing” as inflation falls closer to the 2% objective and the economy stays steady.

Bitcoin gained 2.53% to $62,000 on Friday after the job situation data. Thus, Bitcoin's forecasted positive performance in Q4 2024 will benefit from the Fed's November rate decrease.

Based on historical data, the top cryptocurrency is anticipated to grow significantly despite a negative quarter. Analysts are optimistic that Bitcoin will reach a six-figure price shortly. Bitcoin is now trading at $62,874, up 7.65% in a month.

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