In the latest analysis of Bitcoin’s outlook Goldman Sachs analyst, Sheba Jafari describes the recent price fall below $10,000 levels as a possible correction.
According to Zero Hedge, which issued specifications of the client note, Jafari suggested that the market is likely to discover a base around $9,978. If the drop is truly part of a correction, prices might stabilize and even possibly reverse at this level.
“Watch for signs of a base ahead of 9,978. Setup weakens through 9,836. Turn neutral/cautious through 7,882,” Jafari wrote, according to the website.
Jafari’s report, which was published late Tuesday afternoon, remarked that bitcoin was “nearing interesting levels”.
Whether Jafari’s argumentation proves correct is still to be seen, as the market turbulence that started on Tuesday extended into Wednesday’s session. Bitcoin’s price sank to a low of $9,199.59 before starting to rebound.
The price of bitcoin is trading at approximately $10,810 as of press time. Bitcoin’s dip under $10,000 level is the first occasion since the beginning of December 2017.