Goldman Sachs chief banking technician let slip his analysis on Bitcoin markets, predicting Bitcoin prices will hit a new all time high of $3900 after the current stable period is completed. Essentially the report highlighted the current conditions as sideways movements which would eventually yield a rise to the predicted all time high of $3212. In the meanwhile prices can move up or down but lows are predicted to remain above the $1800 mark.
“This means that it could remain sideways/overlapping for a little while longer. At this point, itâ€™s important to look for either an ABC pattern or a more triangular ABCDE. The former would target somewhere close to 1,856; providing a much cleaner setup from which to consider getting back into the uptrend. The latter would hold within a 2,076/3,000 range for an extended period of time.â€
To conclude, Bitcoin markets are currently in a bullish period with prices steadily recovering as trading volumes peak to well overÂ $1 000 000 000 on some occasions. The recent increase in liquidity has also seen prices move from the short term low of $2400 to current levels of $2607, at the time of writing. The more bullish predictions also anticipate a further rise to $2750 as seen previously this month, while more bearish analysts anticipate retracing to the $2400 levels seen earlier this week if trading volumes fall consistently below the $900m mark. On the whole the predictions by Goldman Sachs do not seem out of reach by any stretch of the imagination, considering Bitcoin’s dream run to $2900, a new all time high in the space of a few months, history may just be repeating itself on a larger scale.
Disclaimer: the article does not constitute advice on investment, please invest at your own risk, losses can exceed deposits so please trade responsibly.