Bitcoin Price Prediction: Could BTC Reach $30,000 with Positive Reaction to NFP Report?
Bitcoin’s price saw a 2% jump following the release of the September non-farm payrolls (NFP) report by the US Bureau of Labor Statistics. This surge, along with a key on-chain indicator, indicates potential bullish price action for Bitcoin in the coming weeks.
Non-Farm Payroll Report Positively Impacts Bitcoin Prices
The latest non-farm payroll figures for September 2023, published by the US Bureau of Labor Statistics, exceeded market expectations. Non-farm payrolls recorded an increase of 336,000, surpassing the consensus expectation of 170,000.
Non-farm payrolls data is closely watched in the United States, as it reflects the health of the job market and the overall economy. A better-than-expected NFP report usually indicates a strong job market, which can have a positive impact on various financial markets, including Bitcoin.
US Whales on Coinbase Accumulating Bitcoin
The release of the NFP report appears to have boosted the confidence of institutional investors in Bitcoin. According to a key on-chain indicator, US-based crypto whales on Coinbase have been accumulating Bitcoin this week.
The Coinbase Premium Index, which compares the prices of Bitcoin on Binance and Coinbase Pro, reveals that the BTC Coinbase Premium Index has been trending positively, indicating increasing buying pressure from US investors.
Historically, positive values in the BTC Coinbase Premium Index have been followed by significant price rallies, as observed on August 29 and September 20, respectively. If retail market participants follow the positive sentiment of the whales, Bitcoin price could rally towards the $30,000 range.
BTC Price Prediction: $30,000 Within Reach
The strong correlation between Bitcoin price and US-based whale investors’ trading activity supports the prediction of a potential rally towards $30,000. The Global In/Out of Money Around Price (GIOM) data, which depicts the entry price distribution of current Bitcoin investors, also aligns with this prediction.
If Bitcoin bulls successfully overcome the initial sell-wall at $29,300, the price rally could push towards $30,000. However, it is essential to monitor the whales’ confidence and its influence on retail traders in the coming days.
On the other hand, a reversal below $25,000 could invalidate the bullish prediction. However, there is a significant support wall created by 635,000 addresses that purchased 2.42 million Bitcoin at a maximum price of $26,613.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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