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Goldman Sachs Strikes Bearish Note Amid Bitcoin's Price Highs

Wall Street banking giant Goldman Sachs warned its clients that the bitcoin market may be headed for bearish territory.

Jun 13, 2017 at 7:00 p.m. UTC
Updated Sep 11, 2021 at 1:26 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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