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Goldman Sachs advises investors not to trust Bitcoin

As the Bitcoin halving scheduled for this weekend approaches, the direction of the Bitcoin price is still unclear, and although many are optimistic about the halving and the future of the premier digital currency, Goldman Sachs urges investors to be careful!

Goldman Sachs to investors: “We need to watch out for Bitcoin halvings”

Goldman Sachs says... Bitcoin Price (BTC) It tends to rise sharply after each halving, over and over again. Historically, the price increases slightly before the event, and this is also the case the following year. But according to financial institutions, we cannot generalize. In other words: if all halvings have resulted in a rally, we cannot say precisely when Bitcoin will peak, or even if it will peak. According to Goldman Sachs, investors should be wary:

“Historically, the last 3 halvings have been accompanied by a rise in the price of Bitcoin (…) but the time it took to reach the peak varies considerably (…) Care must be taken in extrapolating cycles historical as well as impact. halving, given current macroeconomic conditions.

👈Read more: For this reason... digital currencies will increase continuously after the halving, "the law of scarcity".

SinceWith the emergence of spot Bitcoin exchange-traded funds (ETFs) last January, Bitcoin gained considerable momentum and its price rose to a new high (an all-time high) ahead of the planned halving on the 20th or April 21th.

But recently, some factors have emerged Geopolitics Which proves that Bitcoin is not absolutely secure. It appears that current market conditions are unlike those in markets that have experienced previous halvings. For example, Bitcoin's arrival at a new high in November 2021 was not only driven by the halving, but rather by the arrival of crowded convoys of new users in the industry due to the fallout from the spread of Covid-19 and the quarantine that contributed to it.

The halving is not the main reason that pushed Bitcoin to its previous highs.

However, the price of Bitcoin has reached its highest level in months which preceded its halving, something that has never been done before, thanks to the recently approved spot Bitcoin ETFs. Hence the caution expressed by Goldman Sachs, which advises its clients not to completely rely on the halving effect!

👈Read more: Goldman Sachs Warns Against Betting on a Repeat of the Bitcoin Price Halving Effect

Currently, the price of Bitcoin is struggling to recover from last Friday's drop. Although it has crossed $70,000 several times, it is currently trading in the $62,000 to $65,000 range.

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