Bitcoin May Soar if US Recession Exceeds Forecasts, Analyst Suggests
The United States is heading for a deeper recession than expected, which could prompt the Federal Reserve to cut interest rates, according to BRN analyst Valentin Fournier.
This could lead to a significant Bitcoin rally, pushing its price past previous highs. Despite Bitcoin’s recent dip to $58,120, Fournier remains optimistic. He highlighted Federal Reserve Chair Jerome Powell’s cautious stance on rate cuts and noted concerning economic indicators like the Services PMI drop and rising unemployment.
Fournier believes these factors could eventually drive Bitcoin’s value up, especially with potential market liquidity and upcoming CPI data.
Clever Robot News Desk 12nd July 2024
