Key points:
- QCP Capital reports that Bitcoin bullish’s price has stabilized, signalling a potential return of the “Uptober” trend.
- The upcoming HBO Bitcoin documentary is expected to attract mainstream interest alongside the rising popularity of meme coins.
- Investors are actively purchasing call options for December with targets of $75,000 and $95,000, reflecting optimism amid upcoming U.S. CPI data.
According to the Singapore-based crypto investment institution QCP Capital, the expected upward trend, now Bitcoin bullish “Uptober,” seems to be moving upward again after a rocky start.
Bitcoin Bullish Shows Signs of Recovery in October
For context, Bitcoin bullish “Uptober” is a seasonal uptick in cryptocurrency prices in October. The cost of Bitcoin is currently stable, hovering at about where it opened last Monday, indicating a stable market after earlier fluctuations.
Yet QCP Capital notes: “A mix of super Bitcoin bullish ‘Uptober’ narratives and strong U.S. NFP data saw Bitcoin well supported well into the $60,000 region.” Besides, a new HBO documentary on Bitcoin is set to bring more mainstream media attention toward digital assets. Also, meme coins dealing with Len Sassaman are gaining traction.
Despite last week’s shaky start, trading options reflect a bullish sentiment for the fourth quarter. As participants increasingly buy call option spreads that expire in December, the targets have been rallied at $75,000 and $95,000. That means investors remain hopeful of Bitcoin’s surges for a significant gain during the remaining quarters of the year.
Read more: Bitcoin Spot ETF Inflows Skyrocket to $25M, Asset Ratio Soars at 4.68%!
Bullish Options Trading Indicates Positive Q4 Outlook
Besides this, expectations of rate cuts and a high correlation between Bitcoin’s bullish sentiments and the equity market add to the cheer. All eyes are now on the U.S. CPI report due this Thursday. Following substantial employment and wage data in the U.S., market participants closely watch the CPI for signs of rising inflation.
Expectations for rate cuts by the Federal Reserve came down from 50 to 25 basis points during the past week, which makes this week’s data very crucial since it determines the future direction of monetary policy. Investors will undoubtedly react if the economic conditions change dramatically, which could mark a path for the cryptocurrency market for the next few months.
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Source: https://coincu.com/285960-bitcoin-bullish-surge-expected-us-cpi