Goldman Sachs' technical analysis team led by Sheba Jafari has recently made another Bitcoin (BTC) prediction, stating that the major cryptocurrency risks sinking below the February low, Business Insider reported on March 12.
On Sunday, the team felt a note to customers that the next BTC sell-off threatens the dipping below the $ 5,922 low. Jafari's team suggests that the next sell-off would be caused by the breakout of $ 9,210.
"The break is significant as [sic] potential for a more impulsive decline," Jafari stated. Her team warned investors to keep an eye on the BTC price, predicting that, "The next meaningful level is down to $ 7,667 to $ 7,198."
"Getting a 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 February 26th lоw) fоr thіѕ tо ѕtаbіlіzе, "Jafari's team wrote.
Jafari, the head of technical strategy at Goldman Sachs, is known for criticizing Bitcoin. In July 2017, Jafari suggests that Bitcoin would hit the $ 4,000 mark by the end of the year. Later in November 2017, when BTC reached $ 7,000, Jafari made another prediction stating that Bitcoin would consolidate at $ 8,000 before going higher.
Bitcoin's price rallied to $ 20,000 in Dec. 2017 from a modest $ 1,000 at the beginning of the year , before sinking down to $ 6,048 on Feb. 6 2018. Some experts believe that the cryptocurrency downturn is mostly likely due to a $ 400 mln sell-off by the attorney and bankruptcy trustee of Mt. Gox, formally the largest global Bitcoin exchange.