Goldman Sachs: Bitcoin ‘Has Potential’ To Drop Below February Low Of $5,922

Goldman Sachs’ technical analysis team led by Sheba Jafari has recently made another Bitcoin (BTC) prediction, stating that the major cryptocurrency risks sinking below the February low, Business Insider reported on March 12.

On Sunday, the team sent a note to clients warning that the next BTC sell-off threatens dipping below the February low of $5,922. Jafari’s team suggested that the next sell-off would be caused by the break of short-term support at $9,210.

“The break is significant as implies [sic] potential for a more impulsive decline,” Jafari stated. Her team warned investors to keep an eye on BTC price, predicting that, “The next meaningful level is down at $7,667 to $7,198.”

“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,” Jafari’s team wrote.

Jafari, the head of technical strategy at Goldman Sachs, is known for criticizing BitcoinIn July 2017, Jafari suggested that Bitcoin would hit the $4,000 mark by the end of the year. Later in November 2017, when BTC reached $7,000, Jafari made another prediction stating that Bitcoin would consolidate at $8,000 before going higher.

Bitcoin’s price rallied to $20,000 in Dec. 2017 from a modest $1,000 at the beginning of the year, before sinking down to $6,048 on Feb. 6 2018. Some experts believe that the cryptocurrency downturn is mostly likely due to a $400 mln sell-off by the attorney and bankruptcy trustee of Mt. Gox, formerly the largest global Bitcoin exchange.

Photo via Pixabay.
Source: Cointelegraph

  1. FailArmy click bait reporting.

    If you manage to get to the end of this extensive report there is a 3 line brush off summary of one of the biggest dumps from a single player in bitcoins history. There is some news ooooo.

    Who ever wrote this piece of shit should apply with forbes as they are about as accurate and tend to push whatever clicks.

    I remember back in the day when you had something good to say. Just a few years into this crypto thing and you clowns have already sold out to the next click.

    • I would tend to agree with you. This particular piece is sourced from Cointelegraph. They are still very much on our side of the crypto wars. I don’t think its something people should ignore though. We on the inside have our rose colored filters on. But the newbies aka: Mainstream Media Masses? This is what they are seeing through the sellouts in the Main Stream Media. If they are reporting things like this because Goldman Sachs is saying it? There is something us long term owners and lovers of BTC need to pay attention to. I am confident that you… Like me sold when BTC was nearing the 18k mark. Why? Because we were able to re-enter when it dipped under 8k. So here we are with almost double our btc since Jan 2017. If the MSM is reporting a possible dip to the 5k level? I am sitting with my sell orders ready to trigger in case the next dip is coming.

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