Goldman Sachs Strikes Bearish Note Amid Bitcoin's Price Highs
Wall Street banking giant Goldman Sachs warned its clients that the bitcoin market may be headed for bearish territory.
Wall Street banking giant Goldman Sachs warned its clients that the bitcoin market may be headed for bearish territory.
In a recent client note, published by finance blog Zero Hedge, chief technician Sheba Jafari, offered his view on the digital currency. It's a rare moment for Goldman, which doesn't regularly cover developments around bitcoin or cryptocurrencies.
In a recent market color report on June 12, the banking giant suggested its investor clients to be cautious about a near-term high bitcoin price of $3,134. Further, Jafari suggested that clients consider the market bullish again when the price falls to between $2,330 and $1,915.
Jafari wrote:
The note comes amid record-breaking highs for bitcoin, which briefly surpassed the $3,000 mark this week, as well as cryptocurrencies like ether, which touched $400 last weekend.
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According to CoinDesk's Bitcoin Price Index (BPI), the cryptocurrency reached an all-time high of $3,018.55 on June 11, only to fall to a recent low of $2571.32 on June 12 at 18:00 UTC.
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