Goldman Sachs now speak on the markets crashing, claiming what we are experiencing today is a ‘healthy correction’.
The bank giant has viewed the markets volatility as a healthy correction rather than a crash.
Bitcoin price fell below $50K on Monday for a moment, scaling back more than 16% from its price of $65K in the past week.
The broad markets, including the S&P 500 and Nasdaq have also experience 5%-6% dips.
Goldman Sachs has issued a reassuring statement regarding the recent market volatility, emphasizing that the present dip is a healthy correction rather than a crash.
The cryptocurrency market has been volatile recently, with Bitcoin and other major cryptocurrencies experiencing high fluctuations.
“Several factors have contributed to the volatility, but these factors also provide opportunities for smart traders.
For instance, although the geopolitical unrest has had an impact on the price of Bitcoin, this volatility can be exploited for short-term gains through swing trading,” reports Cryptonews.net.
Bullish futures bets lost nearly $200 million, CoinGlass data shows, as more than 97,000 traders were liquidated in the past 24 hours on the sudden market movements.
ETH longs led losses at $55 million, followed by bitcoin longs at $43 million, the data shows.
Some traders earlier cautioned of a possible BTC move to the $55,000 level, as reported on Friday, amid geopolitical tensions in the Middle East and dampened sentiment for risk assets such as technology stocks.
Another possible reason as to why Bitcoin is going down can be due to a weaker than painted economy.
“The world’s largest economy could be in a more worrying state than many believed, as the unemployment rate had soared to 4.3% – the highest since October 2021.
Wall Street reacted with immediate price declines but so did crypto,” reports CryptoPotato.
“The reports of a weak US economy and the uncertainty around the Federal Reserve’s actions have scared off some investors, especially larger ones – those who tend to use ETFs to get exposure to crypto.
As previously reports, the outflows from the spot Bitcoin ETFs skyrocketed to almost $240 million on Friday – the highest in about three months.
The withdrawals from the Ethereum ETFs continued to be in the red for a second consecutive week”, the report continued.
Bitcoin’s price is currently trading at $54.4K at the time of this publication.
Also Read: Here Are What Experts Are Now Saying About Bitcoin’s Plunge
Other Crypto News Today
An analyst now says Bitcoin (BTC) will hit all time high numbers by the end of 2024, due to new demand and buying pressure.
Bitwise analyst Ryan Rasmussen is bullish on Bitcoin (BTC) based on the tremendous amount of volume going into Bitcoin ETFs.
The researcher at Bitwise Asset Management says that over one billion dollars has flown into the company’s Bitcoin spot ETF.
“I think it’s no surprise we’ve seen the price of Bitcoin rise following the launch of those ETFs and I think it will be the same for Ethereum or other assets if there were more ETFs to come into the market,” the analyst told Yahoo Finance on Monday.
“With all that sideline capital, I think we’re still in the early innings of crypto reaching its point in the current adoption curve where we have everyday investors, institutional investors, and retail investors, all allocating to these products — and ETFs are just one of those really great vehicles that help bring those investors to market and help create a highway for them to allocate to not just Bitcoin but Ethereum, Solana, and other assets.”
“We think that Bitcoin will certainly set all time highs in 2024.
That previous price is right around $69,000, but we don’t think it’s going to stop there.
We think that we’ll at least see a 10%-15% bump over the last all-time high in 2024 — that would take us to the mid $80K range, so I think our target was $88K by the end of 2024 and I’m still thinking by that seeing all the excitement in the market today,” the analyst continued.
Bitcoin is currently trading at $54,7K at the time of this publication.
What is your Bitcoin price prediction for 2024 and 2025?
Will Bitcoin continue to go up in 2024? Leave your thoughts below.
Also Read: This CEO Now Sees Bitcoin (BTC) Surge to $100K
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