Bitcoin Price Prediction as US GDP Growth Data is Released – Is a Recession Likely?
Amid the release of US GDP growth data, the Bitcoin price is being closely observed, raising questions about the possibility of a recession.
As of now, Bitcoin is trading at $29,132, with a 24-hour trading volume of $12.4 billion. Over the last 24 hours, Bitcoin has experienced a nearly 1% decline.
The recent expansion of the US economy at an annualized rate of 2.4% qoq in the second quarter of 2023, surpassing the previous period's 2% and market expectations of 1.8%, has drawn significant attention and interest in Bitcoin's performance.
The US economy had a strong performance in the second quarter, as the gross domestic product (GDP) grew by 2.4 percent.
This is the fourth consecutive quarter of positive growth, which shows that the US economy is resilient. Economists had expected a GDP growth of around 1.8 percent, but the actual figure of 2.4 percent was a pleasant surprise.
This is especially true given the recent data showing signs of slowing inflation.
The latest GDP report from the Commerce Department reflects the ongoing strength of the US economy. It comes after the Federal Reserve changed its previous prediction of a "mild recession" that was expected later this year.
The recent strong performance of the US economy, with a GDP growth of 2.4 percent in the second quarter, could have an impact on the price of Bitcoin.
As the US economy remains strong, investors may feel more confident in traditional financial markets, causing a decrease in demand for alternative investments like Bitcoin.
However, it's important to note that there are many factors that can influence the price of Bitcoin, and predicting its future value is difficult.
Upon analyzing Bitcoin 's technical aspects, it becomes evident that the
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