Goldman Sachs: Bullish on Bitcoin | Crypto Markets

Goldman Sachs: Bullish on Bitcoin | Crypto Markets


Eric, the Bitcoin price remained quite stable
in the last 24 hours. Are there any specific movements that you
would like to point out? Maybe what are the main support and resistance
levels? And if you consider that we are still in a
upward trend. So Bitcoin actually get something pretty significant
last night with closing the weekly. We closed above a level that we haven’t closed
above in well over a year. So if you remember back on over here from
February of 2018, Bitcoin got a pretty nasty bull trap in this area. Just about a year and a half ago. And to get back above it, to actually close
our first weekly above it for the first time in literally a year and a half is quite significant
to me as this was a trappy area. So there’s multiple things going on here. Usually when you see an area like this get
special attention, it’s because we’re looking at institutional order flow dynamics at play. You see a big player essentially presenting
the illusion of a massive breakout right over here to the upside. What does it end up turning into? A trap. So that tells us that going forwards here,
there’s going to be a massive pivot on price action. You can see it still gets respected in our
more current times, just about a month ago in July. And then once again, just as of yesterday,
we actually closed above this region. So to me, that does indicate that longer term,
the trajectory is still to the upside. So be looking for this to trade to the upside. You know, timing of this sort of thing is
always gonna be variable. I don’t feel too confident talking
on some like that. But overall, I do believe that we’re seeing
constructive behavior, which is going to lead on to higher prices over these next few months. Bitcoin experienced a sudden drop on Saturday,
which brought it down four under dollars in just a few minutes. So what do you think could be the cause of
such an abrupt drop? And the doctor thing that could
be involving some big whale, so a big owner of a big quantity of Bitcoin? Yeah, I mean, it’s definitely possible. The thing is, you know, when we see a drop
like that on the weekend, weekend plays typically just involve less amount of people in the
market. So there’s lower liquidity. So you can enforce these sorts of movements
a lot easier. It doesn’t take as much capital to watch some
people out. And with Bitcoin’s posturing overall and the
higher timeframes, I would imagine that bigger players are probably trying to run out the
over-leveraged people with that nice sort of move to the downside. Now, of course, there were some formations
in play as well. We had a special time with that we brought
to the downside to actually hit one to one and and, you know, some other technicals that
plays that were suggesting a move down there. But at the end of the day, You know what really happened with the move? Well, the only answer that I can ever give
is and it’s a boring answer, but it’s true. There is more sellers and buyers. It wasn’t one single person. Maybe. Maybe not. We’ll never know. It also doesn’t really matter if we know. The trading is the same. Right? The only thing that we can kind of standardize
in understanding a price action is literally just looking at the footprints in price action,
not necessarily diving in to perhaps subjective reasons why people may or may not be selling
at a price like that. But if I hatch, you had to be a little bit
a mental masturbation with it. I would say probably someone wanted to wash
them over-leveraged people out. And looking at the higher timeframes. Looking at the general trajectory of Bitcoin,
they’re probably preparing for a counter trend moves essentially based off that. Can you tell us a bit more about altcoins
now? So there are any altcoins displaying interesting
performances that you would like to talk about? Yeah. So a lot of altcoins bounced recently. I am going to be looking at the Bitcoin dominance
chart right here. So this is essentially charting Bitcoin’s
market cap versus altcoins’ market. And just like Bitcoin’s price, the trend has
been extremely strong on the upside. While we did find a little bit of a top right
here, these are the 200 simple and 200 expansion moving averages right here. I do think that this is massively bullish
over a long period of time. Looking at our higher timeframes like a monthly. Yes, we just sort of first resistance. But, you know, do I think this continues on
over time? Yes, I do. I’ll be super bullish on this. So while I do think that a lot of alts actually
do look interesting here, they’re going to probably pop up a little bit more as it comes
down off this first major top, I’d say longer term. Do I think that it’s still interesting? Not so much. I mean, even just looking across the board. We’re actually seeing something very, very,
very, very, very unique right now in this market. Very rarely do we see altcoins and Bitcoin
go in in different directions versus U.S. dollar. Versus Satoshis, Yeah, absolutely. That’s how it’s designed. But versus U.S. dollar. Very rarely do we see the market kind of bifurcating
like that. Usually everything kind of moves with each
other. And right now, we see Bitcoin kind of in a
more bullish posturing. But looking at all the top altcoins I don’t
see anything I really like. I mean, you know, for example, right here,
Ethereum looks very sick. Looking at Litecoin, Litecoin looks very sick. I mean, these are not good setups right here. In the past, though, we very rarely see the
market actually bifurcate. So I do have a little bit of difficult
time saying that’s that all coins are going to go down while Bitcoin goes up. We just very rarely see that. But I would say that if Bitcoin is going to
break to the upside here, if Bitcoin is really gonna get that fall through that we were speaking
about earlier, that’s likely going to pass on through to the altcoins, which is going
to affect them doubly as they’re kind of like an emotional little brother, in a sense, you
know, playing out those moves more aggressively. So I would say that’s looking at Bitcoin or
say, looking at the general altcoin sphere, kind of like the gist of what I’m saying is
if we’re looking at him versus Satoshis is probably about a little bit here. I think that the bounces get extended a little
bit more, but longer term, I would be actually looking for those get faded on most of them. Of course, there are some stronger ones here
and there. I think the ones that stand out are the ones
that have been rallying for the past year contra to the general market direction is
very impressive when they’re rallying with Bitcoin versus Satoshis. Something like a chain link, I believe. Had a good sharp. I think Ran kind of stood out. Ran BTC, whatever that is. People ask about it a lot. And there’s a couple other ones. Maybe, maybe it’s Mona. No, I’m probably not recalling it perfectly,
but there’s been a couple ones. Basically, the general gist is if you’re altcoin
has been rallying for the past year or any time in the past with Bitcoin versus Satoshis,
that’s probably a good sign. Those probably going to be the beneficiaries
of any sort of a major reprieve here when we’re looking at Bitcoin dominance started
to fall back a little bit. And other questions would be related to Goldman
Sachs, which lately issued a report, an analysis about Bitcoin price. They seem to be quite bullish, they said,
the short term target for Bitcoin now is like thirteen thousand nine hundred seventy one
dollars and that investors should buy in the current situation during dips as long as we
don’t trade lower than nine thousand eighty four dollars. So I would like to ask you, do you agree with
his analysis and whether you think that Goldman Sachs being like big institutional investors,
making this kind of prediction can have any impact or implication for for the price and
in general for the industry? Ok. So Goldman Sachs coming out and saying some
like this is a big deal, actually. They are one of the more reputable players
in this game. And from my experience in traditional markets,
when Goldman Sachs said some like that, it typically does hold some weight. Do I agree with their analysis overall? I mean, I suppose that we would both be generally
bullish over the long term, is what it kind of sounds like they’re getting now. What I agree with their targets? To the downside I would disagree. I think that I think that Bitcoin loses its
bullish composure anywhere below 10 to would be a massive blow if we took that out to the
downside. And that ninety five hundred would be I would
be looking for significantly lower price if that were to happen. So I don’t really see where they’re getting
nine thousand from but overall I do agree with them and I would say that Is it a good
thing that that Goldman Sachs is getting into the game like this? I mean, it’s an inevitable thing that my experience
in the traditional markets, when a big bank comes out and says something like this, typically
it does cause an initial reaction with the retailers. And then things get kind of faded over time. And usually you usually you see that that
expectation get faded, you know, over the medium term, if you want to call it that,
like the next couple weeks, perhaps, and then longer term. Actually, a lot of the time they have been
right, to be fair.

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