Bitcoin (BTC) Primed For Q4 2024 Bull Run As US Jobs Rise Higher Than Expected, Inflation Slips By 1%

The price of Bitcoin (BTC) experienced a steep decline in the past week, falling as low as $60,000 based on data from CoinMarketCap.

Jobs in the United States increased by 254,000 in September, exceeding expectations by 107,000, according to the latest employment situation summary from the US Bureau of Labor Statistics.

The unemployment rate also fell to 4.1%, lower than the anticipated 4.2% and marking a significant improvement from the August rate of 4.2%.

Financial industry analysts at Kobeissi have used this data to predict a 25 basis point (bps) rate cut by the US Federal Reserve at the next Federal Open Market Committee (FOMC) meeting on November 7.

This prediction aligns with the recent jobs report, which showed that jobs in the US economy increased by 254,000 in September, marking an unexpected 107,000 increase in the last month over popular expectations.

On the same “hawkish”’ note, the unemployment rate crashed to 4.1% falling below common predictions of stability at 4.2% recorded in August. In fact, Analysts at Kobeissi highlight that the exact unemployment rate was 4.051% which is 0.002% shy of being rounded off to 4.0%.

Based on this report, Kobeissi states the Fed is 93% likely to adopt a 25 bps rate cut at the next Federal Open Market Committee (FOMC) meeting on November 7 which also falls below former market expectations of a 50% cut.

The surprising jobs data and the anticipated Fed rate cut have positive implications for financial markets, including the crypto space.

Despite the change in expected bps cut, Kobeissi describes this situation to remain bullish for financial markets including the crypto space even if the expected rate cut has already been “priced-in”.

The analysts explain that generally, investors continue to retain a high risk appetite therefore all news is being received as good news. In addition, many financial market enthusiasts are hopeful of a “soft landing” as they predict inflation could continue falling (closer to the 2% target) while the economy remains stable.

Bitcoin already showed a positive reaction to the employment situation report, rising by 2.53% and trading above $62,000 on Friday.

The confirmation of the expected rate cut by the Fed in November will further contribute to Bitcoin’s anticipated bullish performance in Q4 2024.

Despite a bearish start to the quarter, the premier cryptocurrency is expected to record hefty market gains based on historical reports.

Amidst high levels of optimism, multiple analysts expect Bitcoin to attain a six-figure price value soon. At press time, Bitcoin continues to trade at $62,874, following a 7.65% gain in the last month.

The above is the detailed content of Bitcoin (BTC) Primed For Q4 2024 Bull Run As US Jobs Rise Higher Than Expected, Inflation Slips By 1%. For more information, please follow other related articles on the PHP Chinese website!