Goldman Sachs Predicts Bearish Movement for Bitcoin Once It Reaches $3,100
Banking giant Goldman Sachs has recently warned its clients that the Bitcoin may halt in its bullish movement and head for a bearish movement very soon, according to a report by Interactive Investor. While the company that does not regularly monitor cryptocurrency news, it recently expressed its own opinion regarding Bitcoin in its report called Blockchain Unchained on June 12, 2017.
According to the bank, once it reaches its high at over $3,100, there would be an expected fall because of its continuous bullish movement.
Bitcoin price slides
According to ZeroHedge, there is an expected reversal once it reaches its all time high. This is because he claims that the oscillator shows negatively which indicates an eventual bear movement.
In fact, recent movements in Bitcoin price shows trends of it going lower than the highs that it has accumulated over the past weeks essentially reaching a ten week low of $2,547.
With this in mind, Bitcoin is expected to further drop in value as the weeks go by. Bitcoin is not the only cryptocurrency that hit a low. In fact, other cryptocurrencies have hit a low red mark including the the second contender to Bitcoin, Ethereum, which has also reached a low of $361 after it went over $400 in its last all time high.
In fact, almost all the cryptocurrencies experienced lows this week so it could be a market correction which frequently happens in other financial markets such as the stock market.
However, with this movement, it does seem that the prediction of Goldman Sachs may be right on cue with their prediction of a bearish market.
The Ethereum takeover?
While Ethereum has also been experiencing price correct along with Bitcoin, it seems that Bitcoin’s drop is much lower than that of Ethereum. This might be an indication that Ethereum is set to overtake the Bitcoin this year. According to report by Market Watch, the value of Ethereum is rapidly increasing in an uptrend although there are occasional drops.
The Bitcoin, on the other hand, is remaining quite steady with a big price drop which may be a chance for Ethereum to take over.