Bitcoin Might Drop Below February Low of $5,922; This Is According To Goldman Sachs

This Was Reported By Business Insider

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Goldman Sachs’ team of technical analysis which is led by Sheba Jafari was involved in making yet another prediction of Bitcoin (BTC). Therefore, they stated that there are various risks on the cryptocurrency where it might sink below the February low. This is according to a report on March 12 by the business insider.

On 11th February which was on Sunday, the team was involved in drafting and sending notes to their clients in warning that during the next sell-off of Bitcoin, the price might fall significantly below the February low which was $5,922. Therefore, the Jafari team made suggestions that the next sell-off might be initiated by breaking of the short terms support which is at the $9,210 level.

According to Jafari, the break is termed as significant due to the fact that it implies the potential for more decline. Therefore, her team warned people and told them to watch the Bitcoin price. They further predicted that the next meaningful level would be at the $7,668 and $7,198 level.

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 technical strategy in Goldman Sachs and has been known for a long time for her Bitcoin criticisms. Last year in July, Jafari made predictions that Bitcoin would drop and hit the $4,000 price level. Contrary to her statement and predictions, Bitcoin hit the $7,000 mark. After this happened, she later said that Bitcoin would consolidate at the $8,000 mark before it could be subjected to further increase.

Bitcoin increased in rice at the time and hit the $20,000 mark in Dec 2017. This was a significant improvement from the lowest point during the years start at $1,000. This was before it sank to the $6,048 level on February 6, 2018. Most of the experts, however, believe that the current fall was due to the $400 million sell-off by the bankruptcy trustee and attorney of Mt Gox. This was the largest global Bitcoin exchange.

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