The woes of Bitcoin are far from over. That is, if the predictions from the Goldman Sachs technical analysis team, led by Sheba Jafari, are to be believed.
According to Business Insider, the team from Goldman Sachs warned the institution’s clients that the onset of the current Bitcoin selloff cycle – which was initiated last week reportedly after the U.S. Securities and Exchange Commission’s statement on cryptocurrency exchanges – would most probably continue and see the cryptocurrency’s value to drop further, even lower than its February low of $5,922.
The report stated that the next critical milestone which could lead towards seeing this prediction coming true is when Bitcoin would drop around and below $7,687.
The team from Goldman Sachs then warned that this would be a defining point for the cryptocurrency’s drop in value, and it is from there that it could drop further.
“Getting a close break this time around would warn of structural damage, increasing the risk of new local lows (<5,922). At this point, need to get back through 9,322 (the Feb. 26th low) for this to stabilize.” The team wrote.
While this remains speculative for now, the next few days would be critical to watch in order to determine whether this could come true at all.