- Goldman Sachs expects the S&P 500 index to rise to 5,200.
- Surpassing 5,000, the S&P 500 enhances the positive outlook in the stock market.
- The correlation between Bitcoin and the U.S. stock market is showing an increase.
On Monday, Bitcoin strives to sustain its position above $52,000, while the crypto community closely watches Goldman Sachs’ forecast for the S&P 500. The U.S. stock market has surged, with the S&P 500 trading at historic highs above 5,000. The index has shown an increase of 5.54% so far in 2024.
Goldman Sachs analysts revised their forecast for the S&P 500 index after it surpassed 5,000 points. Led by David Kostin, the team has set a year-end target of 5,200 for the S&P 500. This represents a 3.9% increase from the current level. Bitcoin’s price tends to move in correlation with the S&P 500.
These predictions from Goldman Sachs are seen as positive for the stock market. The expectation of an upward trend indicates that the increase in the U.S. stock market will continue. Other expert analysts, like Tom Lee from Fundstrat Global Advisors and John Stoltzfus from Oppenheimer Asset Management, also share a similarly positive view, believing that the performance of the S&P 500 index will be positive by the end of the year.
In addition, according to a chart shared by IntoTheBlock, the correlation between Bitcoin and the S&P 500 is increasing. This metric indicates that Bitcoin could move upward along with the rise in the U.S. stock market.
IntoTheBlock also mentioned in another post that Bitcoin whales’ BTC balances have increased significantly this year. The analysis firm stated, ‘We expect this trend to continue, as it is now easier than ever for institutions to access Bitcoin.’
The strong continued inflow of money into spot Bitcoin ETFs also indicates that demand for Bitcoin remains alive. On the last trading day of the week, on February 16, spot Bitcoin ETFs saw a net inflow of $331 million. BlackRock accounted for $191 million of these inflows.
Demand in Spot Bitcoin ETFs Drives Crystal Blockchain
Navin Gupta, formerly Ripple’s Director for South Asia, the Middle East, and North Africa, will serve as the new CEO of Crystal Blockchain. Established in Ukraine by Bitfury in 2018, Crystal Blockchain is a company that provides transaction-tracking software to enterprises and government agencies.
According to Crystal Blockchain’s announcement, Gupta will lead the company’s efforts to expand its operations. The company’s move after the increased demand for spot Bitcoin ETFs indicates its expectation of a surge in demand for the data tool.
Brian Brooks, a board member of blockchain technology company Bitfury, suggests that the launch of spot Bitcoin ETFs will accelerate adoption and the need to track bad actors and crimes related to cryptocurrencies.
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