Goldman Sachs Predicts that Bitcoin will Drop Below February Low Of $5,922

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Bitcoin will drop below February Low Of $5,922 predicts Goldman Sachs

According to the reports, Goldman Sachs‘ technical analysis team managed by Sheba Jafari has recently made another Bitcoin (BTC) prediction, by saying that the most significant cryptocurrencies risk is sinking below the February low.

On Sunday, the team has also sent a notice to its clients by warning them that the next BTC sell-off seems to be dropping below the February low of $5,922. Jafari’s team also recommended that the next sell-off would be made by the break of short-term support at $9,210.

Jafari told:

“The break is significant as implies [sic] potential for a more impulsive decline.”

Her team also warned investors to keep an eye on BTC price and predicted that the future meaningful level is down at $7,667 to $7,198, according to CoinDelite’s Price Chart.

Jafari’s team wrote:

“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 is the head of the technical strategy at Goldman Sachs and known for criticizing Bitcoin. In July 2017, Jafari recommended 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 saying that Bitcoin would combine at $8,000 before going higher.

Recently, we have discussed the Bitcoin prices going high low over-time. The drop in BTC by 28 percent indicates s restorative rally from Feb. It is noticed that BTC has experienced six lows below $6,000. However, it has resumed back to go for a record around $20,000. Anyhow, chart analysis suggests that BTC could consolidate around $8,000, or witness a minor rally to $10,000 over the next 24-48 hours, before heading down again. We have also reported a brief explanation of the expert predictions of Bitcoin values.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.