**Bitcoin Eyes Q4 Rally Amid Strong Jobs Data and Bullish Metrics**

Bitcoin (BTC) surged to an intraday high of $62,338 on Oct. 4, fueled by stronger-than-expected US jobs data and positive on-chain metrics. September's nonfarm payrolls hit 254,000, far surpassing the forecasted 147,000, while the unemployment rate dipped to 4.1%.

Market sentiment is now leaning heavily towards a 25 basis point interest rate cut at the Federal Reserve's Nov. 7 meeting. Additionally, Bitcoin reserves on centralized exchanges have dropped to their lowest since November 2018, suggesting reduced liquidity and potential bullish price movements.

Institutional demand is also on the rise, with significant net buying of spot Bitcoin ETFs in September. Analysts predict that if these trends continue, Bitcoin could see further gains in Q4 2024. However, some caution that a short-term dip to $57,000 might precede the rally.