- Goldman Sachs updated its interest rate forecast from 50 to 75 points.
- Analysts see a bearish near future for bitcoin and even point to a lower floor.
Of the events that could affect the price of bitcoin (BTC) in the near future, there is one that particularly draws the attention of Goldman Sachs analysts. This is the imminent announcement of interest rates, which the Federal Reserve (Fed) will present the week that is about to begin.
For Goldman Sachs, the chances of a significant rate hike from the Fed are high. For the institution, the most probable thing is that there will be a rise of 75 points, more than the 50 basic points that they had forecast before.
As reported by the specialized media Bloomberg, a team of economists within Goldman Sachs released this updated forecast, just days before the Fed releases its report on interest rates, which would rise again significantly after inflation was worse. than expected for the month of August.
“Fed officials have been aggressive recently and seem to imply that progress toward reining in inflation has not been as smooth or as fast as they would like.”
Goldman Sachs report
In case this forecast is fulfilled, the price of bitcoin could be affected. Already in GLM we reviewed a little over a week ago that there would be 4 events with potential influence on the cryptocurrency in the market. The last of these events, chronologically speaking, would be the interest rate announcement.
An aggressive rate hike could spark a new downward spiral for bitcoin, which has been reacting to market fears in the wake of an increasingly delicate global economic situation.
Inflation and bitcoin in the market
In the United States, inflation has remained one of the biggest concerns in recent months, while there are those who have already assured that a recession has entered or is very close. In other words, a very acute crisis to which all markets (bitcoin and cryptocurrencies included) are reacting downwards.
Various analysts have recently exposed their bearish forecasts for bitcoin, with target prices ranging from not so distant 17,000, as is the case of the trader identified on Twitter as @MacnBTC.
Other predictions are much more worrying for bitcoin investors. Particularly that of the renowned analyst of movements in the network Willy Woo, who pointed out at the end of this week the possibility of a fall to 9,100 dollars.
This price would represent a loss of more than 50% of the commercial value of bitcoin, which at the time of writing this article is trading close to $20,000 on exchanges, according to the GLM price table.