Macro Headwinds Slam Bitcoin Price Amid Strategist Cuts

The Bitcoin price has been affected by recent macroeconomic headwinds, with several strategists cutting their S&P 500 targets due to rising downturn risk and higher bond yields. Yardeni Research reduced its year-end forecast for the S&P 500 from 8,400 to 7,900, citing a three-to-six month elevated downturn risk window that is also affecting crypto assets.

The benchmark 10-year Treasury yield reached 5.041% this week, prompting Yardeni to cut his forward P/E estimate for the S&P 500 from 19.8 to 18.6. Higher yields raise the opportunity cost of holding speculative assets and historically compress risk-asset multiples.

Wells Fargo also reduced its S&P 500 year-end target to 7,700 from 7,950 and warned that the index could fall 5-10% initially as the earnings cycle enters its late stages. Analyst Ohsung Kwon flagged mounting tech-sector risks and multiple compression offsetting earnings strength.

The MSCI Index Exclusion Threat is also casting a shadow over Bitcoin's Treasury Model. A confirmed MSCI exclusion of Strategy by October 16 would pressure BTC-exposed equities and Bitcoin itself into the September 20 settlement window.