- According to a COINOTAG report, the Wall Street giant anticipates a ‘significant increase’ in trading activity for cryptocurrencies in the next few quarters.
- McDermott believes that this situation is ‘a long way to comprehensively replicate most of the financial markets on blockchain.’
- The US Federal Reserve, at its December 2023 Federal Open Market Committee (FOMC) meeting, decided to maintain the base interest rate at 5.25% to 5.5%.
Goldman Sachs has shared its predictions about Bitcoin: What are the expectations for Bitcoin’s price in 2024? Here are the details!
Goldman Sachs Reveals Bitcoin Prediction
Wall Street bank Goldman Sachs foresees a significant increase in trading activity in the cryptocurrency ecosystem in the next few quarters, citing potential bullish signs such as the approval of a spot Bitcoin ETF, Bitcoin Halving, and interest rate reduction measures by the US Federal Reserve in 2024.
According to a COINOTAG report, the Wall Street giant expects a ‘significant increase’ in trading activity for cryptocurrencies in the next few quarters. Mathew McDermott, the Global Head of Digital Assets at the bank, was quoted as follows:
“Probably within one to two years, probably within three to five years to really see these markets grow in size, you’re going to see a big increase in on-chain trading.”
Previously, BlackRock’s CEO Larry Fink mentioned that the tokenization of assets would be a ‘next generation’ for markets. However, McDermott believes that this situation is ‘a long way to comprehensively replicate most of the financial markets on blockchain.’
Bitcoin (BTC) Price Forecast
The US Federal Reserve, at its December 2023 Federal Open Market Committee (FOMC) meeting, decided to maintain the base interest rate at 5.25% to 5.5%. This resulted in nearly a 5% increase from the dip level of BTC price, which was down to $40,000. Meanwhile, the CME FedWatch Tool, a tool measuring the sensitivity to the possibility of the Fed changing the federal target interest rate at the next FOMC meeting, predicts that the central bank will continue to maintain the current target interest rate after its meeting on January 31, 2024.
Therefore, keeping the Fed’s interest rates stable could lead to further upward movement in the BTC price. In November 2023, macro expert and investment manager Dan Tapiero predicted that the BTC price would reach $100,000 in the next bull run in 2025. Similarly, Standard Chartered predicted that the top cryptocurrency would reach $100,000 by the end of 2024.
