Goldman Sachs Analysts Trust Bitcoin Could Rise In the Near-Term

  • Goldman Sachs’ Zach Pandl trusts that Bitcoin price might see an upside move in the near term.
  • BTC price plummeted beneath $44K, responding to Fed’s comments of high inflation.
  • Goldman analysts recently forecasted a BTC surge to $100K in 2022.
  • The leading crypto has presented downward reactions amid inflation concerns as individuals consider Bitcoin and its hedge.

The cryptocurrency industry bled as Bitcoin price plummeted to a three-month low on 5 January 2022. Though the sudden crash, analysts at Goldman Sachs remain bullish on Bitcoin’s upward potential.

Goldman Sachs Trusts BTC May Hit $100K In 2022

Bitcoin price crashed to a three-month low beneath $44,000, leading to concerns among market players. Meanwhile, the sentiment indicator Fear & Green Index flashes ‘extreme fear.’ That confirms a bearish outlook for the world’s largest currency by value.

Coinglass, a crypto intelligence firm, revealed that liquidation worth about $500 million followed hours after BTC’s price plunge. Analysts trust that Fed Reserve’s minutes, highlighting high inflation concerns, contributed to the sudden drop in the asset.

Proponents consider Bitcoin an inflation hedge. Resurging figures and price hikes fear led to negative impacts on BTC prices. For now, the bellwether crypto hovers in a downward trend.

Nevertheless, Goldman Sachs strategists and analysts believe BTC has the potential to bounce. Goldman Sachs EM strategy and global FX leader Zach Pandl told Bloomberg that BTC could see upward movements.

Early on the week, the investment company forecasted that BTC’s price might rally to $100,000 before this year’s end.

A pseudonymous crypto analyst @_Checkmatey_ observes the increase in BTC flowing out of crypto exchanges, moving towards cold storage. That way, the analyst believes in a reversal trend in the leading cryptocurrency.

A trader and analyst @ShardiB2 noted that Bitcoin’s current price conditions resemble three scenarios observed in 2021 when enthusiasts bought the BTC dip and waited passage of time. Meanwhile, FXStreet experts believe that BTC prices may drop further before a rally towards new ATHs.

For now, market players may have to wait for what the upcoming sessions will boast. Most tokens seem indecisive on up-and-coming directions. Stay tuned for the latest developments in the financial markets.