Geopolitical Risks ‘Unlikely’ to Derail Bitcoin as Analyst Doubles Down on ‘Uptober’

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

10x Research CEO Markus Thielen reinforced anticipations for an “Uptober” on October 6, dismissing fears surrounding geopolitical tensions as “unlikely” to derail Bitcoin’s recent momentum.

In a 10x Research report, Thielen reaffirmed a positive outlook for Bitcoin’s price action in October, citing recent geopolitical tensions as “unlikely to disrupt this bullish trend.”

While the report acknowledged its potential to spur volatility, he framed it as an opportunity for traders looking to capitalize on the market’s fluctuations rather than a major threat.

Instead, Thielen pointed to concerns surrounding the U.S. economy as the primary narrative driving price action through October, particularly focusing on the employment sector.

Fears that last month’s dovish rate cut would be too little, too late in tackling a looming U.S. recession are dissipating as stronger-than-expected U.S. jobs data foster optimism.

#US NFP September 254k vs 147k exp.
Pr 142k.
Unemployment rate 4.1% vs 4.2% exp/pr.
Participation rate 67.7% vs 62.7% exp/pr.
Wages 4.0% vs 3.8% exp/pr y/y.$USD

The U.S. economy added 254,000 jobs in September, substantially surpassing Wall Street’s expectation of 147,000. The unemployment rate also dropped to 4.1%, while the annual pace of wage growth increased to 4.0% from 3.8% in August.

The stronger-than-expected jobs report prompted macro traders to largely eliminate bets on another 50bps rate cut from the Federal Reserve in November.

According to the CME Fed Watch Tool, money markets are now pricing an 83.5% probability of a 25bps rate cut next