Goldman Sachs Tech Gain Scenario Sparks Hope for Crypto Market Recovery
Highlights
- Goldman Sachs sees a scenario of rise in tech stocks this year.
- A significant amount of 2024 has seen a bull run in the cryptocurrency market.
- Now with a growth in stocks, expected rate cuts, and an approaching Bitcoin halving, the chances of the bull run to stay and continue are higher.
Crypto markets are currently undergoing a consolidation phase ahead of the most awaited halving and after hitting all-time high levels. In the middle of speculations, market participants have raised bets on a bull run post-halving, as also suggested by historical data. In the middle of anticipation, a new Wall Street anticipation could give further rise to crypto markets.
Tech Index Might Ascend 15%
Bloomberg in its report highlights that the year-end S&P 500 estimate level of 5,200 is still supported by Goldman Sachs Group Inc. strategists. But they also project a scenario in which tech megacaps drive the index up an additional 15%. According to strategists led by David Kostin, the business is staying with its existing projection because the direction of the federal funds rate and the trajectory of economic growth have already been completely priced by markets. The analysts looked into alternative scenarios because the prognosis for values was not certain. Yet a rise in tech stocks could likely stay on the cards.
Read Also: Top Wall Street Companies Buying Bitcoin (BTC): Is A Supply Shock Ahead?
Tech Gain Likely to Help Crypto Markets
Though uncertain at present, if the 15% rise in tech stocks were to come true, even crypto markets would see the ripple effect. Usually, tech stocks give an indication about the risk appetite of investors, Often termed as growth stocks, a rise in tech stocks indicates that investors are likely to keep a wide portfolio for investments. In such a scenario, crypto markets can also see an ascending trend.
Crypto Bull Run Ahead?
A significant amount of 2024 has seen a bull run in the cryptocurrency market. It’s safe to say that this bull won’t be hitting a fence anytime soon, even though it has undoubtedly experienced some dips. After all, when Bitcoin crossed the $70,000 threshold for the first time, this bull run was far above all predictions and attracted a lot of attention. Why is this run different from the last one, one would think? To start, the abundance of online trading platforms and Bitcoin ETFs makes it simpler for investors—both retail and institutional—to profit from this run.
Now with a growth in stocks, expected rate cuts, and an approaching Bitcoin halving, the chances of the bull run to stay and continue are higher.
Read Also: Crypto Analysts Project Solana’s Reversal to Propel Asset Above Resistance
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