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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.

Written by Bryan Smith Published on

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.

Have your say!

What are your thoughts? Where do you feel Bitcoin’s price is set to head next? Be sure to let us know your opinion on Twitter, and share your own technical analysis @coininsidercom!

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Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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