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Reading: QCP Analysts’ Weekend Summary: What’s Next for Bitcoin and Altcoins?
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Deythere > News > News > QCP Analysts’ Weekend Summary: What’s Next for Bitcoin and Altcoins?
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QCP Analysts’ Weekend Summary: What’s Next for Bitcoin and Altcoins?

weekend summary theme for Bitcoin and altcoins. The image should feature the Bitcoin logo alongside altcoin symbols like SHI
Thalia Galanis
Last updated: October 6, 2024 10:47 am
By
Thalia Galanis
Published October 6, 2024
3 Min Read
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With Bitcoin hovering around the $62,000 mark, investors are eagerly awaiting a long-anticipated rally. After being stuck in its range for over 200 days, the final quarter of the year is seen as the last hope for a market breakout. So, what are QCP’s market analysts predicting for Bitcoin and altcoins, and what can investors expect in the coming weeks?

Contents
QCP’s Crypto Market AnalysisVolatility and Altcoins in Focus

QCP’s Crypto Market Analysis

October started on a rough note as rising geopolitical tensions dampened the positive momentum seen at the end of September. According to QCP analysts, altcoins have struggled to hold on to gains, losing ground amid accumulating fear over the past months. The analysts summarized the current situation as follows:

“The final quarter saw increased volatility in risk assets due to the escalation of the Israel-Iran conflict. Concerns over potential Israeli retaliation were heightened as Iran launched missiles around the anniversary of attacks on Gaza. If Israel targets key Iranian infrastructure like nuclear or oil facilities, it could severely disrupt global markets.”

a market analysis for Bitcoin and altcoins focusing on volatility and geopolitical risks. The image should feature the Bitc

In addition, the U.S. non-farm payroll report released last Friday showed a higher-than-expected gain of 254,000 jobs, compared to the forecasted 150,000. The U.S. unemployment rate stood at 4.1%, slightly below the expected 4.2%. Despite last month’s negative data, these strong results signal resilience in the labor market.

“Bitcoin briefly reclaimed $62,000 on Friday due to the strong jobs report, which also fueled risk assets as expectations for further interest rate cuts later this year increased.”

QCP analysts also pointed to increased demand for December call options in the options market, reflecting a rising year-end rally expectation among professional investors.

“As BTC fell about 5% from last week’s highs, we believe recent positive macroeconomic data supports our view of the long-awaited ‘Uptober’ trend.”

Volatility and Altcoins in Focus

Looking ahead, key events such as the release of the Fed minutes and September’s inflation figures will be crucial. While geopolitical risks surrounding Israel’s potential response remain a concern, QCP believes the macroeconomic backdrop could provide a supportive environment for cryptocurrencies.

If Bitcoin sees a rapid rise, assets like SHIB, AVAX, and SOL could benefit from quick recoveries, as their recent upward movements were halted prematurely.

Bitcoin, altcoins, interest rate cuts, geopolitical risks, inflation figures

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Previous Article key developments in the cryptocurrency market for the week of October 7 13. The central element should be a calendar with ma Top 20 Crypto Developments to Watch: October 7-13
Next Article the price predictions of meme coins PEPE BONK and DOGS for October 2024. The image should feature the logos of these three Altcoin Price Predictions: PEPE, BONK, and DOGS for October 2024
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