Today, the overall cryptocurrency market is signaling red along with the total crypto market cap plunging by 2.96% in the last 24hrs as it is positioned at $924.09 billion. This market correction is majorly led by Bitcoin, the world’s largest cryptocurrency by market cap.
Currently, Bitcoin is positioned at $18,980 followed by a loss of more than 3% over the last 24hrs. While the flagship currency is looking out for a strong bull run, the experts at Goldman Sach are predicting the worst scenario for Bitcoin price action.
Economist Jan Hatzius and his team from Goldman Sachs have come up with their analysis of Bitcoin price as the Federal Reserve plans to go ahead with interest rate hikes. As per their prediction, the month of September will witness an increase of another 0.75% and 0.5% in November.
The US Federal Reserve has majorly influenced Bitcoin price action this year which has provoked investors to move away from risky assets. The King currency has experienced a fall of nearly 60% year-to-date and is now struggling to reclaim its $20,000 level. Most analysts are also of the opinion that at present bitcoin has hit its bottom level.
Bitcoin Price At $12,000?
Meanwhile, another expert at Goldman Sachs, Sharon Bell claims that the latest surge in the stock market is a bull trap and warns that the equities will attract a loss of 26% if Fed continues with interest rate hikes.
As per CME data that is reported in the Commodity Futures Trading Commission’s (CFTC) weekly report, it’s exciting to know that the alarms correlate with a massive upsurge in institutional investors’ short positions in Bitcoin.
On the other hand, Bitcoin options which are set to expire by the end of 2022 indicate that most the traders are predicting that the Bitcoin price will plunge near $10,000 and $12,000 level
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