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Bitcoin Returns to Above $9000 Levels Despite Goldman Sachs Criticism
Bitcoin Returns to Above $9000 Levels Despite Goldman Sachs Criticism

Will Bulls Push Bitcoin Back to $10,000 Next?

Earlier today, Bitcoin experienced a 3% price surge bringing its fiat valuation back to $9137 currently. This essentially brings Bitcoin's price back to levels seen last Sunday, the 24th. It seems that positive trader sentiment is back, and this rally might continue. We might see BTC go onwards to test the $9200 upper-resistance point and if that is broken, onwards to $9500 and then potentially all the way to $10,000 point.

 


 

Bitcoin During the Week

Bitcoin's dip earlier this week has been partially attributed to early an early Bitcoin miner moving coins from a long dormant wallet. Many traders might have been concerned regarding potentially a large stash of coins hitting the exchanges and lowering Bitcoin's price. This eventually did not happen as per yet, easing that fear amongst traders.

 

Goldman Sachs & Bitcoin

One of the world's largest investment banks, Goldman Sachs has released a long report today. The report was titled: "US Economic Outlook & implications of Current Policies for Inflation, Gold, and Bitcoin".

In the report, Bitcoin was featured and criticized as not an "asset class".

 


 

Apparently, Goldman Sachs is still very hesitant to invest in Bitcoin and cryptocurrencies. In the report BTC's highly volatility has been mentioned negatively, as was its lack of correlation to other markets.  It was later labelled as "not a suitable investment for our [Goldman Sachs] clients"

Bitcoin enthusiasts and traders celebrate its lack of correlation and volatility, however. Some within the cryptocurrency space have noted also that investors do not need Goldman Sachs to purchase Bitcoin or other cryptocurrencies.

Oddly, Goldman Sachs was originally planning a cryptocurrency investment desk in 2018, but later reversed the decision according to Fortune.

Their report had either no influence on Bitcoin's price or perhaps even boosted the cryptocurrency.

 

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Written by Jonathan Ganor

Writer & cryptocurrency aficionado

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