Bitcoin (BTC) has developed into a world-class financial asset since its launch in 2009. For this reason, the impact of macroeconomic developments on the bitcoin price is increasing. High time to look at the most important macroeconomic developments of the coming week.
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Thursday crucial for bitcoin price
Especially next Thursday, September 28, we will receive important data that may be crucial for the bitcoin price. Last week, the US central bank announced that interest rates will remain at the same level for the time being. We will probably have to make do with an American interest rate of about 5.0 percent until 2024.
That is only the case if there is no recession and for that reason it is important to keep an eye on other things regarding the US economy.
For example, on Thursday we will be presented with the growth of gross domestic product (GDP) for the past quarter. It is expected that this will yield a positive score of 2.1 percent.
This would mean that the US economy is stronger than expected earlier this year, allowing interest rates to remain at this elevated level for even longer. The purpose of these high interest rates is to keep inflation down.
Furthermore, on Thursday we will also receive the number of unemployment claims in the United States for the past week and Jerome Powell, the chairman of the US central bank, will take his stand for a speech.
What does that mean for the bitcoin price?
As far as the bitcoin price is concerned, it seems as if this difficult period will continue for even longer. Interest rates will remain high for the time being and bitcoin is suffering from this.
For that reason, there seems to be a good chance that little will change in terms of price movements and further sideways price action seems the most likely scenario. However, a recession could likely take a hit on the BTC price.
The long-term picture looks more positive for bitcoin, including a halving scheduled for April 2024 and a possible approval of a spot bitcoin ETF, or stock exchange fund, in the US.
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2023-09-24 16:01:37
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