Gray Research Director: Despite weak employment data, Bitcoin may still reach new highs in Q1

ChainCatcher news, but Grayscale's research director Zach Pandl stated in an interview that despite the slower-than-expected hiring pace in the U.S. in January, Bitcoin could potentially reach an all-time high in the first quarter of 2025. On February 7, U.S. officials reported that the country added 143,000 jobs in January, slightly below expectations.

Pandl believes that the latest U.S. employment report may "reinforce expectations that the Federal Reserve will pause interest rate hikes for a while, but it is unlikely to lead to a substantial repricing." Pandl stated, "Bitcoin may respond calmly to the latest employment report. Bitcoin and other digital assets are benefiting from various policy-related tailwinds, including progress in stablecoin legislation."

Therefore, he expects that "the cryptocurrency market will show a bullish bias." He noted, "As long as the stock market remains stable, Bitcoin could reach new highs later in the quarter."