Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
JPMorgan expects Bitcoin gains in Q4 as 'Uptober' takes hold

JPMorgan expects Bitcoin gains in Q4 as 'Uptober' takes hold

GrafaGrafa2024/10/08 02:30
By:Isaac Francis

JPMorgan analysts are optimistic about Bitcoin’s (CRYPTO:BTC) performance heading into the fourth quarter, noting the cryptocurrency’s historical trend of strong gains in October.

In a recent report, they highlighted that Bitcoin has delivered positive returns over 70% of the time during this month, suggesting that this “Uptober” trend could persist in 2024.

While past performance does not guarantee future results, the analysts believe this popularized notion may influence investor behavior and contribute to a positive month for Bitcoin.

The report also pointed to key macroeconomic developments that could further support the cryptocurrency market, such as recent interest rate cuts by the Federal Reserve, with more cuts expected.

However, they noted that the expected impact of these lower rates has yet to materialize in crypto prices.

“We have yet to see the ‘pop’ in cryptocurrency prices expected from lower rates since the Fed’s September 18 cut,” the analysts commented.

They explained that crypto assets primarily emerged when interest rates were near zero, suggesting that stable rates, rather than low ones, may benefit the market more significantly.

JPMorgan’s analysts also discussed the potential impact of BlackRock’s spot exchange-traded fund (ETF) gaining options trading approval, stating that the new options provide investors with a more dynamic way to engage with the ETF, which could enhance market liquidity.

Additionally, Ethereum’s (CRYPTO:ETH) Pectra upgrade, designed to improve network efficiency, was mentioned as a key development.

While the analysts view Pectra as a structural improvement for Ethereum, they cautioned that it may not serve as an immediate catalyst for price increases.

At the time of reporting, the Bitcoin price was $62,497.66.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like