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:

“It’s on track to forming a bearish key day reversal if today’s (June 12) close settles below 2,749. It will also form a key week version if Friday’s close is below 2,475. Both daily/weekly oscillators are diverging negatively. All of this to say that the balance of signals are looking broadly heavy.”

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.

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.

Image Credit: 360b / Shutterstock.com

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.