By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Geopolitical Risks Unlikely to Stop Bitcoin’s Uptrend in October
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Geopolitical Risks Unlikely to Stop Bitcoin’s Uptrend in October
Crypto

Geopolitical Risks Unlikely to Stop Bitcoin’s Uptrend in October

News Room
Last updated: 2024/10/07 at 6:20 PM
News Room
Share
3 Min Read
SHARE

The CEO of 10x Research, Markus Thielen, has expressed optimistic sentiments for the month of October regarding Bitcoin’s price action. Despite geopolitical tensions, Thielen believes that Bitcoin’s recent momentum is unlikely to be disrupted. He views any potential volatility as an opportunity for traders to capitalize on market fluctuations rather than a major threat. Thielen points to concerns surrounding the U.S. economy, particularly focusing on the employment sector, as the primary narrative influencing price action in October.

Thielen’s positive outlook is supported by stronger-than-expected U.S. jobs data that has eased fears of a looming recession. The U.S. economy added 254,000 jobs in September, surpassing expectations, with the unemployment rate dropping to 4.1%. Additionally, the annual pace of wage growth increased to 4.0%. The robust jobs report has led macro traders to scale back bets on another 50bps rate cut from the Federal Reserve in November. This development supports the narrative that a soft landing for the U.S. economy is still achievable.

Despite a rocky start for Bitcoin in October, Thielen remains optimistic about the month ahead. Historical trends suggest that Bitcoin has historically shown weakness in the first week of the month before seeing upward momentum in the remaining weeks. Thielen highlighted that 8 out of the last 10 Octobers have posted gains, averaging around +20%. The upcoming U.S. Consumer Price Index (CPI) release on October 10 is expected to provide further insights into the state of the U.S. economy.

Thielen noted that institutional investors are influencing the market more than retail investors currently, as spot Bitcoin and Ethereum Exchange Traded Funds (ETFs) are seeing positive inflows. Institutional investors signal renewed market optimism for the month ahead. Political developments, such as Vice President Kamala Harris’s public endorsement of digital assets and Donald Trump’s support for cryptocurrency, have also bolstered sentiment in the cryptocurrency market. The upcoming U.S. election is expected to be a major catalyst for Q4, driving new Bitcoin all-time highs.

In conclusion, despite initial concerns about geopolitical tensions, Thielen’s positive outlook for Bitcoin’s price action in October remains steadfast. The stronger-than-expected U.S. jobs data has eased recession fears, and market indicators suggest a soft landing for the U.S. economy is still achievable. Institutional investors are driving market optimism, and political developments, including bipartisan support for cryptocurrency, are expected to fuel new Bitcoin all-time highs. With critical catalysts ahead, October may still prove to be a bullish month for Bitcoin and the overall cryptocurrency market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 7, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Qatar Tourism selects finalists for the 2024 Qatar Tourism Awards
Next Article Silver Price Forecast: XAG/USD drops below $32 due to strong US jobs report
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?