š®šWill Bitcoin (BTC) Price Increase Come in 2024? Two Key Factors According to Institutions
The Bitcoin price, which touched $ 40,000 this week, continues to record new highs since the 2022 bear market. Just two months ago, the price of a whole coin at the end of September was under $ 27,000.
The growing excitement about the Sec's approval of the Bitcoin ETF pushed btc higher in the fourth quarter. But the world's leading cryptocurrency could have two even bigger macro headwinds in 2024: Bitcoin halving and possibly the Federal Reserve cutting interest rates.
Fed Rate Cuts Could Follow Bitcoin Halving
Bank of America's Global Research team released its 2024 outlook on Monday. The multinational financial services and investment banking company, headquartered in Charlotte, North Carolina and New York, has joined other major banks in expectations of a rate cut next year.
Economists and strategists of global research of the US banking giant say that they expect inflation or falling prices to continue until next year and the Fed will return to rate cuts:
BofA Global Research economists and strategists note that they expect this inflation to continue and the start of interest rate cuts from both the Federal Reserve and the European Central Bank in the middle of the year.ā
November May - This supports a forecast made by Swiss-based UBS in early November, which called for āmeaningful reductions in the federal funds rateā by next May at the US central bank.
