As the cryptocurrency market braces for key economic indicators, analysts at QCP Capital, a leading crypto asset trading firm, suggest that today's U.S. jobless claims report and next week's Consumer Price Index (CPI) release could serve as catalysts for propelling Bitcoin to new all-time highs.

In a note penned on Thursday, QCP Capital analysts highlighted the potential significance of a lower-than-expected jobless claims report coupled with the forthcoming CPI release in driving Bitcoin to unprecedented price levels. The analysts emphasized the recent surge in spot Bitcoin ETF inflows, totaling $488.1 million on Wednesday, alongside increased call buying activity, as additional factors contributing to market momentum.

Furthermore, QCP Capital underscored the potential impact of market expectations regarding future interest rate cuts, following the Bank of Canada's recent decision to reduce rates by a quarter-point to 4.75%. With the European Central Bank anticipated to follow suit, the prospect of accommodative monetary policies may further bolster Bitcoin's upward trajectory.

While Ether experienced a brief period of outperformance against Bitcoin following the U.S. Securities and Exchange Commission's approval of spot Ethereum ETFs, QCP Capital anticipates Ether to lag in the short term. Despite SEC Chair Gary Gensler's indication that S-1 approvals for Ethereum ETFs may take time, the analysts expect Ether to eventually outshine Bitcoin once trading commences.

Against this backdrop, the cryptocurrency market remains subdued ahead of key economic data releases, with Bitcoin trading largely flat at $71,065 and Ether at $3,850, as of the time of writing. However, QCP Capital anticipates that this week's jobless claims and NFP data could provide crucial insights into the labor market's trajectory, potentially influencing the U.S. Federal Reserve's monetary policy stance.

Aurelie Barthere, principal research analyst at Nansen, echoed sentiments of potential market energization driven by favorable economic data. Barthere emphasized that as long as economic growth remains positive, it could prompt a dovish stance from the Federal Reserve, providing a tailwind for crypto assets such as Bitcoin.

As investors await Friday's NFP data release, which may offer further clarity on monetary policy direction, the cryptocurrency market remains poised to react to evolving economic narratives, with Bitcoin's journey to new all-time highs hinging on the outcome of key economic indicators.