Grayscale Research Director: Despite sluggish employment data, Bitcoin could still hit a new high in Q1

According to Cointelegraph, despite slower than expected hiring in the United States in January, Grayscale Research Director Zach Pandl said in an interview that Bitcoin could potentially reach a record high in the first quarter of 2025. On February 7th, U.S. officials reported that the country added 143,000 new jobs in January, slightly below expectations.

Pandl believes that the latest employment report released by the United States may "reinforce expectations that the Federal Reserve will pause rate hikes for a while but is unlikely to lead to substantial repricing." Pandl stated: "Bitcoin might comfortably handle this newly released job report. Bitcoin and other digital assets are benefiting from various policy-related tailwinds including progress on stablecoin legislation." Therefore, he predicts "a bullish bias will be present within cryptocurrency markets". He stated: "As long as stock markets remain stable, Bitcoin could possibly hit new highs later this quarter."