AI leader Nvidia closed at a new high at $138.07, driving U.S. stocks to close higher again. Goldman Sachs believes that Chinese policymakers have "shifted to cyclical policy management and increased focus on the economy" and raised China's GDP outlook. Bitcoin rose from above 62K early yesterday morning and returned to above 66K again.
Goldman Sachs raises China GDP
Goldman Sachs said in an Oct. 13 research note that Chinese policymakers have "shifted toward cyclical policy management and increased focus on the economy." Assessing the "stronger and more coordinated" stimulus policies launched at two high-level press conferences last week, Goldman Sachs raised China's 2024 real GDP forecast to 4.9% from the previous 4.7%, and also raised China's 2025 real GDP growth forecast from 4.3% % was revised up to 4.7%.
But Goldman Sachs also warned that its structural view on China's growth has not changed due to ongoing growth challenges, including demographic deterioration, multi-year debt deleveraging trends and global supply chain risks.
China's Shanghai Composite Index rose 2.07% after choppy trading, while Hong Kong's Hang Seng Index fell 0.83%.
Bitcoin back to 66K
Bitcoin rose from above 62K early yesterday morning and returned to above 66K again. $540 million in shorts have been liquidated in 24 hours, and Bitcoin's open interest (OI) weighted funding rate has reached 0.012%, a multi-month high, indicating underlying bullish sentiment in the short to medium term.
While positive funding rates generally indicate bullish market conditions, they should still be interpreted with caution as crypto market sentiment can change so quickly.
After all, Bitcoin once broke through the neckline level near 65K at the end of September, but reversed and fell back to around 60K a few days later. Now it seems that there is a small W bottom, trying to rise again. However, there are still many obstacles above, and whether it can challenge the all-time high of $73,798 set in March this year still requires more bullish push.
The focus this week will be on Thursday’s U.S. retail sales, the Eurozone’s interest rate decision meeting, and China’s Q3 GDP and September economic data on Friday.
This article Goldman Sachs raises China’s GDP, Huida hits record high, Bitcoin returns to 66K first appeared on Chain News ABMedia.
