US Labor Market Posts Strong Data—What It Means For Bitcoin
Portfolio Pulse from Khyathi Dalal
The U.S. labor market shows strong data, with payrolls increasing by 254,000 and unemployment dropping to 4.1%. Economist Alex Krüger predicts Bitcoin prices could rise to $65,000-$68,000, influenced by strong equities. The labor market's strength may lead to a gradual approach to interest rate cuts by the Federal Reserve.
October 04, 2024 | 5:37 pm
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Economist Alex Krüger raises Bitcoin price forecast to $65,000-$68,000, driven by strong U.S. labor market data and potential new highs in equities. The labor market's strength may lead to a gradual approach to interest rate cuts by the Federal Reserve.
The strong U.S. labor market data suggests economic resilience, which is likely to boost equities. As Bitcoin is often correlated with equities, this could lead to higher Bitcoin prices. The potential for a gradual approach to interest rate cuts by the Federal Reserve further supports this outlook.
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