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.
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.
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