Lloyd Blankfein, Goldman Sachs CEO and Chairman previously opined that Bitcoin isn’t his thing. He already remarked, “bitcoin is not for me … I don’t do it. I don’t own bitcoin.” With the uncertain regulatory scenario, rumors about Goldman Sachs launching their cryptocurrency trading desk and custody service has been put on hold. Goldman Sachs market intelligence has to state that investors should be capitalizing on the current dip in Bitcoin price. This information was relayed in a series of slides, which were sent to some institutional clients. In the slide, Goldman stated that the short-term target for the BTC is $13,971 and further advised that investors should consider buying during the dips in the current scenario. Based on the Elliot Wave Analysis support is seen at $11,094, and there is more scope for a move to $12,916 rather than at $13,971. The price which is usually used for assessment does not include weekend prices. They are mostly taken from the futures marketing data. Price retracements are to be used as an opportunity to buy on weakness for as long as it does not retrace below $9,084. Bitcoin investment is already the dream of a speculator. It is considered to be an opportunity to make more money. Market efficiency decreases the usefulness of the technical analysis. An efficient market becomes random. And, markets that are long-developed are beneficial when compared to newer asset types like the Bitcoin. Therefore, Bitcoin provides for a lot of scope for technical analysis. The current price trend of the Bitcoin is again on the crossroads. Trump, Iran, China, Hong Kong issues all have a role to play when it comes to the current price scenario of Bitcoin. The price range continues to be wild, and it is difficult to predict the direction. The trend and volatility is as well a key thing getting the fields to go wild. The market is currently looking to set a price somewhere between $10,000 and $12,000 range. This value has been derived after scrutinizing several values. If the price level is set, the volatility will die off. The key to making some decent profits is to control the risk as much as possible. If the risk is not controlled, an average investor will be losing a vast majority of the time. However, the current price is at the risk of more downsides, and there is a lot of pressure. A sharp slide is expected soon.
Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.
July 29, 2018
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