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Deythere > News > News > Bitcoin and Altcoins Under Pressure! QCP Capital Still Expects an “Uptober” Rally!
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Bitcoin and Altcoins Under Pressure! QCP Capital Still Expects an “Uptober” Rally!

representing Bitcoin and Ethereum under pressure with a focus on potential market movements in October. The image include
Alessia Moretti
Last updated: October 10, 2024 3:09 pm
By
Alessia Moretti
Published October 10, 2024
3 Min Read
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According to the latest meeting minutes from the Federal Reserve (Fed), the central bank’s victory over inflation is not yet certain. This, combined with last Friday’s strong employment data, has increased the likelihood of a 25 basis point rate cut in November from 67.9% to 83.7%.

Contents
  • U.S. Markets Rise While Crypto Struggles
  • Key Data and Year-End Outlook

U.S. Markets Rise While Crypto Struggles

As per QCP Capital’s daily market analysis, all eyes are on the upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) reports, which are critical in assessing the strength of the U.S. economy. These data points, combined with earnings reports from major banks like JPM and WFC, will provide insight into inflation cooling and the state of the economy.

While U.S. stock markets surged overnight, reaching new highs in the S&P 500, the same optimism wasn’t shared by the crypto market. Bitcoin (BTC), currently priced at $60,590, and Ethereum (ETH) at $2,384, are facing renewed selling pressure, partly driven by Silk Road-related BTC sales and PlusToken-linked ETH liquidations.

However, despite the market pressure, analysts at QCP Capital maintain that if Bitcoin holds above the $60,000 support, the anticipated “Uptober” rally could still materialize.

Bitcoin and Ethereum under selling pressure with arrows indicating possible market movements in Oc

Key Data and Year-End Outlook

According to analysts, the key risks for markets this week include the U.S. CPI and PPI reports, along with major bank earnings. These reports will play a crucial role in guiding the Fed’s next rate decision. As markets anticipate further rate cuts, investors are positioning themselves to lock in gains at these low levels and prepare for a potential year-end rally. Analysts caution that if the Fed adopts a less dovish stance, volatility could persist.

QCP Capital believes that the combination of a cooling inflation process and a strong labor market in the U.S. might lead investors to adopt a more cautious approach in the coming months. The direction of the markets will likely hinge on the outcomes of these critical data points.

For the latest updates on Bitcoin, Ethereum, and the crypto market, stay tuned to Dey There.

Bitcoin, Ethereum, QCP Capital, inflation, Fed rate cut, Uptober

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ByAlessia Moretti
Alessia Moretti is a blockchain and cryptocurrency analyst with 7 years of experience in the field. With a strong foundation in economics and a passion for technology, Alessia has been involved in a variety of international blockchain projects, focusing on the development of decentralized applications and financial products. Her work is characterized by a deep understanding of both the technical and economic aspects of blockchain technology. At DT NEWS, Alessia provides readers with in-depth analysis of global blockchain trends and market movements, helping them stay informed about the future of digital finance.
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