QCP Capital analysts weighed in on October’s bullish “Uptober” narrative. Analysts say this narrative is gaining momentum again as the Bitcoin price rebounds from last week’s market sell-off. Additionally, analysts note that October is typically a strong month for BTC. October has brought BTC gains of nearly 30% in eight of the last nine years.
QCP Capital: Uptober narrative for Bitcoin is gaining momentum again!
According to analysts, October’s bullish “Uptober” narrative is gaining momentum again. Meanwhile, Bitcoin is trading around $63,000, having pulled back after reaching $64,000 during the day. QCP Capital analysts make the following assessment:
After a shaky start, Uptober appears to be back on track, with Bitcoin holding steady at levels similar to where it started last Monday. With additional rate cuts lining up and Bitcoin’s strong correlation with stocks, we remain optimistic about a strong October.
According to QCP Capital, the Uptober narrative is based on October being a typically strong month for Bitcoin. Because BTC has gained an average of approximately 30% during the month in eight of the last nine years.
US employment data supports risky asset optimism
Analysts also point to potential macro factors stemming from the recent strong Nonfarm Payrolls (NFP) data in the US. In this context, they add, “Employment figures helped Bitcoin find strong support above $60,000.” cryptokoin.comAs you follow from , NFP in the US exceeded analysts’ forecasts by a significant margin. Additionally, according to the U.S. Bureau of Labor Statistics, the unemployment rate fell to 4.1%, below expectations of 4.2%.
Derivatives point to a bullish outlook for Bitcoin
“Despite last week’s rough start, option flows still point bullish in Q4 as we continue to see buyers of December $75,000 and $95,000 strike price calendar spreads,” analysts at QCP Capital say. .
HBO documentary increases interest in crypto
Analysts also highlight the growing interest in the digital asset space that may stem from the upcoming HBO documentary “Money Electric: The Bitcoin Mystery,” which aims to reveal the true identity of Satoshi Nakamoto while speculating that computer programmer Len Sassaman may be the founder of the Bitcoin network. Analysts say, “Len Sassaman-themed meme coins are starting to gain traction. “So the documentary brought more mainstream attention to crypto,” he adds.
Meme coins soar as PolitiFi tokens gain momentum
In the meme coin sector, major tokens have posted double-digit gains in the last 24 hours. The index, which tracks the top 17 memecoins by market cap, including Shiba Inu, Dogecoin, and Pepe, gained 24.52 points to 263.91, recording a year-to-date increase of over 171%. During the day, Dogwifhat, Popcat and Pepe rose 20%, 18% and 14% respectively. Tokens such as Estee, GIGA and SPX6900 increased by 140%, 92% and 74% respectively.
The bullish sentiment is also spreading to the political subsector. The rise in Trump-inspired PolitiFi meme coins coincides with the candidate’s increasing likelihood of winning the US election on Polymarket. This has caused Kamala Harris’ odds to drop to 48.3%, compared to 51% currently. According to CoinGecko data, PolitiFi memecoin market value increased by over 15% in the past day. Thus, the total reached $750 million. The biggest gainers in this space were memecoins inspired by Republican presidential candidate Donald Trump: MAGA was up 40%, MAGA Hat was up 112%, the misspelled Doland Tremp was up 115%, and Super Trump was up 40%.
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