Bitcoin, which has been trying to hold on above $ 35,000 for a while but has not been successful, continues to move in the range of $ 34,000-35,000.
While market sentiment continues to be positive, Amerdata director Greg Magadini made statements about BTC and its rise.
Speaking to Coindesk, Greg Magadini stated that the recent decline in non-farm employment and unemployment data and stock market volatility indices announced on Friday was a catalyst for the rise of BTC and said that the rise will continue.
“There is no reason not to be bullish on BTC. I think the recent decline in released data and stock market volatility indices is a catalyst for BTC's continued rise.
While the data indicate that the decline in inflation continues, it increases the possibility that the FED will not increase interest rates again. It also allows the Fed to continue speaking in a dovish tone.
Additionally, volatility in the US stock and bond markets is also decreasing, which acts as a catalyst for BTC's continued rise.
All this data is seen as a positive development for risky assets, including Bitcoin and cryptocurrencies.
At this point, I expect the relief rally for risky assets to continue in the face of positive data and the dovish attitude of the FED.
“I expect this to be exactly the classic year-end rally that investors have been waiting for in the 4th quarter.”
Bitcoin continues to trade at $34,910 at the time of writing.
*This is not investment advice.