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As the crypto market enters a critical week, all eyes are on the upcoming US Job data, set to be released on October 4. This data is expected to significantly influence investor sentiment and shape market trends.
Anticipating Job Data
The financial world, including the crypto sector, is eagerly awaiting the US Labor Department's report, which will provide insights into September’s nonfarm payroll, unemployment rate, and hourly wages. Wall Street estimates predict an increase in nonfarm payrolls to 144,000 from August’s 142,000, while the unemployment rate is expected to remain steady at 4.2%. This data will be crucial for investors, especially following last week’s softer PCE inflation figures, which showed inflation cooling to 2.2%, better than the anticipated 2.3%.
Fed Officials’ Insights
This week, several Federal Reserve officials will make public comments that are likely to impact market sentiment. Starting on Monday, September 30, Fed Governor Michelle Bowman and Fed Chair Jerome Powell will address the public. Their comments will be followed by those from Fed bank governor Lisa Cook on Tuesday and Minneapolis and Atlanta Fed Presidents Raphael Bostic later in the week. Investors will closely monitor these discussions, especially in light of the recent 50 basis point rate cut by the Fed.
Can the Crypto Market Maintain Its “Uptober” Momentum?
The recent drop in inflation has sparked speculation about a potential 50 basis point rate cut at the Fed’s November meeting. This optimism raises the question of whether the crypto market can sustain its so-called “Uptober” rally, a phenomenon historically linked to positive performance in October for Bitcoin and other major cryptocurrencies.
Historical Trends Favor October
October has often been a favorable month for crypto investors, with many seeing a positive trend as the year draws to a close. Coupled with the excitement around the upcoming US elections in November, there is a sense of optimism among market analysts regarding the potential for continued momentum in the fourth quarter.
As the crypto market prepares for the release of critical job data and listens to Fed officials' comments, investors are bracing for potential shifts in sentiment. With historical data suggesting a strong October and the upcoming elections, many are hopeful for an “Uptober” rally and a robust finish to 2024.
For more detailed insights and price predictions, check out our comprehensive analysis in this below article.
Bitcoin Price Prediction
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