Goldman Sachs Bullish: Bitcoin and S&P 500 Soar, Targets Set High
Recent market trends show Bitcoin (BTC) stabilizing around the $52,000 mark, while the S&P 500 index has surged to unprecedented heights, reaching 5,000 and boasting a 5.54% increase in 2024.
Goldman Sachs Group Inc. strategists have adjusted their forecast for the S&P 500, now projecting a year-end target of 5,200, citing improved profit estimates.
This revision marks a 2% increase from their previous prediction of 5,100.
Market analysts, including Tom Lee of Fundstrat Global Advisors and John Stoltzfus of Oppenheimer Asset Management, echo this optimistic outlook for the S&P 500.
The correlation between Bitcoin and the S&P 500 remains evident, with Bitcoin’s price closely mirroring stock market movements.
READ MORE: Bitcoin Expert Predicts Market Correction: What’s Next for Crypto?
Despite facing resistance around $53,200, Bitcoin’s derivatives data indicates bullish sentiment among investors, with open interest in Bitcoin futures reaching a three-year high of $22.5 billion.
While some investors may choose to sell their positions as Bitcoin approaches break-even prices, surpassing the $53,000 mark could trigger further upward momentum, potentially leading to a retest of the $60,000 territory.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
