QCP Capital: Remains optimistic about Bitcoin's strong performance in October, with this week's CPI data being crucial

ChainCatcher news, QCP Capital's latest analysis points out that despite a turbulent start to the month, Bitcoin's upward trend in October seems to be back on track. Currently, the Bitcoin price is comparable to last Monday's level. QCP notes that the "Uptober" narrative, along with strong non-farm payroll data, has helped Bitcoin find strong support around the $60,000 mark. The upcoming HBO Bitcoin documentary is also bringing more mainstream attention to the cryptocurrency, and meme tokens related to Len Sassaman are starting to gain traction.

Despite a poor start last week, options flow still points to a bullish fourth quarter, with investors continuing to buy the $75,000/$95,000 call spread expiring in December. Considering the potential for future interest rate cuts and the strong correlation between Bitcoin and the stock market, QCP remains optimistic about October's strong performance. This Thursday's U.S. CPI data will be the market focus. Recently, U.S. wage and employment data has been strong, and the market will closely watch for any signs of rising inflation. The Federal Reserve's expectations for rate cuts have been adjusted from 50 basis points to 25 basis points within a week, and this week's data may determine whether further adjustments to rate cut expectations will be made.