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Goldman Sachs warns Bitcoin might slide beneath February’s low of $5,922 USD

Goldman Sachs’ technical analysis team has claimed that Bitcoin risks flirting with values beneath February’s low of some $5922 USD.

In a new technical analysis report, Goldman Sachs’ technical analysis team has issued a new Bitcoin price prediction – claiming that the world’s foremost cryptocurrency now risks falling below values as low as $5922 USD, which were last seen during February’s market tumble.

According to Business Insider, Goldman Sachs technical analyst Sheba Jafari has claimed that a new sell-off might be triggered by a break in short-term support around the $9210 USD mark.

In her report, Jafari’s analysis team quipped that “The break is significant as implies potential for a more impulsive decline… The next meaningful level is down at $7,667 to $7,198 [sic].”

“Getting а сlоѕе brеаk thіѕ tіmе аrоund wоuld wаrn оf ѕtruсturаl dаmаgе, іnсrеаѕіng thе rіѕk оf nеw lосаl lоwѕ (<5,922). At thіѕ роіnt, nееd tо gеt bасk thrоugh 9,322 (thе Fеb. 26th lоw) fоr thіѕ tо ѕtаbіlіzе,” the report continues.

The report comes amidst a trying time in Bitcoin markets, where support has continually tested breakthroughs firstly between the $11,000 USD mark, and now at the $10,000 USD mark.

Jafari, who is head of technical strategy at Goldman Sachs, has previously issued several incorrect reports – noting that Bitcoin might well close at the $8,000 USD mark at the tail end of 2017, where the cryptocurrency in fact finished off the year at $12,592 USD.

Bitcoin, of course, has yet to trial prices beyond its all-time high of $20,000 USD mark in December of 2017.

Regulatory news – including stern stances from South Korean and Chinese officials – have seemingly shaken the confidence of investors, while the US Securities and Exchange Commission looks set to tighten a regulatory noose.

Further fears have been attributed to the fact that Mt Gox bankruptcy trustee Nobuaki Kobayashi recently liquidated some 35,841.00701 BTC and 34,008.00701 BCH – equating to a sale of some $405 million USD.

Kobayashi is in possession of a fortune of some 166,344.35827254 BTC at the time of writing, equating to $1.7 billion USD. The bankruptcy trustee will, in coming months, be required to liquidate the entire fortune in a bid reimburse consumers who lost money in the wake of Mt Gox’s insolvency claims.

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Posted: Mar 13, 2018 Author: Bryan Smith Categories: Popular Tags: Tags: