Goldman Sachs was right: Bitcoin price continues to drop

Although with some correction waves, Bitcoin has dropped down just as Sheba Jafari from Goldman Sachs predicted before any Chinese bans even occurred. But now the market analysts connect the drop to news about sharp criticism of Bitcoin and cryptocurrencies by Jamie Dimon and recent news on the closure of BTCC, the Chinese cryptocurrency exchange.

BTCC stated it will cease it operations soon, by the end of September, as a response to the suspension of ICOs by the People’s Bank of China, the main financial regulator in the country. The exchange has also been warned by local regulators about its trading activities, which also accelerated the decision making.

It might be one of the reasons that accelerated the market sentiment, but the pattern analysis dating back to the middle of July (at the press time, exactly 2 months ago) stated that Bitcoin has almost reached the peak of the bullish trend and soon will drop drastically, to $2,900 or even lower. It’s already very close to that number, as Bloomberg and Coinmarketcap graphics both show. The latter website, by the way, has lately entered top 400 most visited websites in the whole world.

Stats courtesy of Bloomberg

Stats courtesy of Coinmarketcap