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COINTURK NEWS > Cryptocurrency News > Market Analysts Evaluate Bitcoin and Altcoin Trends
Cryptocurrency News

Market Analysts Evaluate Bitcoin and Altcoin Trends

In Brief

  • Bitcoin stabilizes around $62,000 while market trends are assessed.

  • Geopolitical risks and labor market strength influence cryptocurrency volatility.

  • Analysts predict potential gains for altcoins as market conditions evolve.

Fatih Uçar
Fatih Uçar 8 months ago
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Bitcoin $108,108 price hovers around the $62,000 mark, with market participants anticipating the expected upward movement. After being stuck in a defined range for over 200 days, cryptocurrencies view the last quarter as their final hope. What are QCP market analysts’ latest predictions for Bitcoin and altcoins? What can stakeholders expect at this stage?

Contents
QCP Cryptocurrency AnalysisIncreased Volatility in Cryptocurrencies

QCP Cryptocurrency Analysis

The rise in geopolitical tensions hindered a promising start to October, resulting in a performance contrary to the movements observed at the end of September. Altcoins have lost gains that they had taken months to accumulate due to lingering fears. QCP analysts summarize the current situation as follows.

“The last quarter has seen volatility in risk assets due to the escalation of the Israel-Iran conflict. Concerns regarding Iran’s missile strikes in retaliation to attacks on Gaza have intensified. If Israel targets key infrastructures like Iran’s nuclear or oil facilities, it will shake global markets.”

“The non-farm payrolls report released on Friday exceeded expectations, coming in at 254,000 against a forecast of 150,000. The U.S. unemployment rate settled at 4.1% (against an expected 4.2%). Strong data reflects a robust labor market despite last month’s poor outlook.”

“A resilient labor market and the potential for additional interest rate cuts later this year boosted risk assets, allowing BTC to briefly reclaim $62,000.”

Experts noting the activity in the options market pointed out a strengthening demand for December call options, reflecting professional traders’ expectations for year-end rallies.

“With BTC dropping about 5% from last week’s highs, we believe that the recent positive macro data supports our long-held view of an upcoming ‘Uptober’ trend. Given that geopolitical risk remains the primary concern until the U.S. elections, we prefer locking in returns at these levels while positioning for a year-end rally.”

Increased Volatility in Cryptocurrencies

In the upcoming days, significant developments will unfold, ranging from Fed minutes to September’s inflation figures. Although investors remain anxious due to the scale of Israel’s retaliation, macroeconomic data may foster a supportive environment for cryptocurrencies.

BTC may see a rapid climb if assets like SHIB, AVAX, and SOL—which have stalled—regain momentum.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 6 October, 2024 - 12:40 pm 6 October, 2024 - 12:40 pm
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