An analyst at Goldman Sachs believes Bitcoin may have found a floor after several months of downside pressure.
CEO David Solomon confirmed earlier this year that he personally holds a “small” amount of Bitcoin. “Small” for Soloman might mean tens of millions though.
Following a sharp selloff that saw Bitcoin drop from around $75,000 to $67,000, prices have since stabilised and recovered. The move lower might be attributed to expectations the Fed will delay rate cuts.
Over the past month, Bitcoin has traded in a relatively tight range between $60,000 and $75,000, a structure often associated with base formation. Also, with prices below $100,000, selling pressure might be limited, as fewer holders are incentivised to exit positions (HODL).
Wall Street broker Bernstein supports this view, suggesting Bitcoin has likely bottomed and maintaining a very optimistic $150,000 year-end target.
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