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, it’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.”

Speculation

To conclude, Bitcoin markets are currently in a bullish period with prices steadily recovering as trading volumes peak to well over  $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.

Author

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.

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