Bitcoin Remains Bullish in Q4 Despite Middle East Tensions and Positive U.S. Jobs Data: K33 and ETC Group Analysts
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Bitcoin’s prospects for a bullish Q4 remain intact, despite recent market turbulence stemming from escalating tensions in the Middle East and robust U.S. jobs data.
In a recent report, analysts from K33 said that the leading cryptocurrency has shown resilience, with positive signals emerging from the FTX estate’s creditor repayment process, which could bolster market sentiment.
Last week’s geopolitical unrest and its impact on global markets initially put pressure on Bitcoin, causing a downturn.
However, better-than-expected U.S. employment figures contributed to a market rebound over the weekend, allowing Bitcoin to regain some lost ground.
The rebound aligns with analysts’ views that Bitcoin remains well-positioned for a strong performance as the year draws to a close.
A key development influencing market sentiment is the progress in the FTX bankruptcy proceedings.
Nearly two years after the crypto exchange’s collapse, Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware approved a reorganization plan for FTX during a hearing on Monday.
This plan, which aims to begin creditor repayments, received broad support, with about 94% of creditors in the “dotcom customer entitlement claims” class backing the proposal.
These creditors represent around $6.83 billion in claims by value.
Negative funding rates are fueling my bullish stance.
Just a heads-up: we're in #Bitcoin Quarter 4. pic.twitter.com/nXddQy27qk
According to K33 analysts Vetle Lunde and David Zimmerman, creditor repayments are expected to begin late in
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