Bitcoin Gains Momentum as QCP Capital Predicts Continued Positivity
Bitcoin's Strong September Performance
Bitcoin has had a remarkable September, defying its typical seasonal trend. Analysts from QCP Capital noted that both bitcoin and U.S. equities enjoyed significant gains during this month. This marks one of the best September performances in years for bitcoin.
Equities and Bitcoin Trend
- The S&P 500 rose approximately 1.5% in September and 5.1% for the third quarter.
- Bitcoin increased by over 7% this month.
- Historically, September leads to positive October results for bitcoin.
Looking Ahead to October
QCP Capital maintains a positive outlook for October, predicting upward momentum if bitcoin breaks above $70,000. Key factors supporting this include:
- China's significant stock gains driven by stimulus measures.
- Hedge funds rapidly acquiring U.S. tech stocks based on recent monetary policy shifts.
While there may be challenges due to upcoming earnings reports, bitcoin is expected to benefit as it remains a preferable choice among risk-on assets amidst global monetary easing efforts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.