Bitcoin could face severe headwinds amid macroeconomic growth warnings, analyst says
January’s hot U.S. inflation data is churning macroeconomic waters, posing significant challenges for bitcoin in the year ahead, according to an analyst.The price of bitcoin is now trading above the $51,000 mark, according to The Block’s Price Page.
Growth slowdown in 2024
Analysts forecast delay in rate cuts
The CME FedWatch tool shows that the consensus among analysts is for rates to remain paused at current levels, with any possibility of a rate cut delayed until June at the earliest. A slim majority of analysts, 52.5%, expect rates to come down a quarter-point in June, but over 35% expect rates to remain paused through that month.
Bitcoin was changing hands for $51,298 at 9:24 a.m. ET, according to The Block's Price Page . The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 0.36% to 115.07 in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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