Analyst: If the Federal Reserve later signals a clear interest rate cut, Bitcoin may hit a new high in Q4

October 8th: As gold reached a historical high exceeding $4,000 per ounce for the first time, the price of Bitcoin witnessed a slight retreat. This pullback was set off by profit-taking in the crypto market following a rapid 7.7% surge within less than a week, along with significant gains in whale accounts. Additionally, the US Dollar Index has ascended to a two-month high. Nevertheless, institutional interest in Bitcoin remains robust: Last week, the US Bitcoin spot ETF witnessed a net inflow of more than $3 billion, pushing the total net inflow beyond the $60 billion mark, with an extra $2 billion injected this week. Analyst Linh Tran declared, "In the short run, Bitcoin's fundamentals continue to appear favorable, underpinned by expectations of monetary easing, continuous ETF inflows, and persistent safe-haven demand. If the Federal Reserve indicates a more definite commencement of an easing cycle in upcoming meetings, Bitcoin is likely to potentially explore new price domains in the fourth quarter." The next crucial test might stem from the Federal Reserve—traders have started to wager on rate cuts, and if the officials confirm a policy alteration, gold and Bitcoin may regain upward impetus. (FXStreet)