Daily Management Review

Goldman Sachs predicts fall of bitcoin


Bitcoin’s prices could grow to almost $ 5,000 in the foreseeable future, but after that, it is likely that the correction will reach about $ 2,000, CNBC reports with reference to Goldman Sachs.

Sheba Jafari, Head of the technical strategy of Goldman Sachs, in a letter to investors informs that the crypto currency is on the fifth wave of growth, and can still grow to $ 4,827 (about $ 400 above the record level). However, after reaching the fifth wave, the market must enter the corrective phase.

"Correction will take at least a third of the time, which was required for realization of the previous growth, and will play at least 38.2% of the entire movement." Thus, Jafari believes that the price of the first crypto currency can fall by 38% below $ 3000, down to $ 2221.

Jafari is not the only one who believes that bitcoin can come close to $ 5000. This was also announced by BitMEX CEO Arthur Hayes last week after final confirmation of SegWit.

In recent weeks, the bitcoin rate has been extremely unstable. After June 11, the crypto currency reached a historical record ($ 3,025), after a week, its rate collapsed by more than $ 800, to $ 2,185. However, until the end of the month, the crypto currency’s rate has slightly increased - to a level of about $ 2.5 thousand for bitcoin.

Over the past 24 hours, bitcoin has set another record: on the night of Tuesday, August 15, the price of crypto currency reached, according to coinmarketcap’s data, up to $ 4,455. Now there is a correction: the rate is currently $ 4,043.56.

Demand for the crypto currency is fueling the expectations of demand from institutional investors, and some experts are quite sure that central banks will soon start using bitcoin as reserves. Even though what is happening on the market is more like a fever, more people are invested in crypto-currencies and this has to be taken into account.

Although it was not mentioned directly in the letter of analyst Goldman Sachs, the principle of five waves in technical analysis is also known as the Elliott Wave Theory. It is noteworthy that in July, Elliott Wave Theorist commented that bitcoin is in the final wave of growth from six cents - the initial stage, which the analysis’ author Elliott Preter determined in September 2010.

source: newsbtc.com

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