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Goldman Sachs analyst: ‘BTC Is Going to $100K’

Murad Mahmudov, a former Goldman Sachs analyst and the current Chief Investment Officer (CIO) at multi-strategy crypto hedge fund Adaptive Capital, explained on Monday (August 12) why believes that the price of Bitcoin (BTC) is going to $100,000.

According to data from CryptoCompare, at press time (12:08 UTC on August 13), Bitcoin (BTC) is trading at $11,234, down 1.11% in the past 24-hour period:

BTC-USD 24 Hour Chart on 13 August 2019.png

Part of the reason for the current mood in the market could be yesterday’s decision by the U.S. Securities and Exchange Commission (SEC) to postpone making a decision on all three pending Bitcoin (BTC) exchange-traded fund (ETF) proposals.

The three pending Bitcoin ETFs were proposed by Bitwise Asset Management (filed with NYSE Arca), VanEck/SolidX (filed in February with Cboe Global Markets), and Wilshire Phoenix (filed with NYSE Arca).

The final decision for the first two proposals are expected by October 13 and October 18 respectively, while the new deadline for the third proposal is September 29 (although the Commission could delay again by another 150 days).

So, right now, you might be feeling skeptical about Mahmudov’s $100K price prediction for Bitcoin.

However, Mahmudov says that although this might be a choppy week for Bitcoin, traders should not be focusing on “short timeframes”, and that his intuition tells him that “there is steady accumulation happening at these levels”:

He then went on to explain the reasoning for his Bitcoin price prediction using technical analysis:

Although we have had predictions of $100K for Bitcoin before, such as the one made by Anthony Pompliano (aka “Pomp”), Co-Founder and Partner at Morgan Creek Digital Assets, on June 24 (when he said that BTC would reach $100K by 31 December 2021) in his daily newsletter “Off The Chain”, this is one of the first $100K price predictions made using technical analysis rather than fundamental analysis or sentiment analysis.

Featured Image Credit: Photo via Pexels.com

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Written by Marjorie Contreras

I Love math & how math will help evolvable the new technology. After graduating as Engineer, I start learning about cryptography & blockchain programs. In order to perfect my skills and explore my passion for the blockchain industry, I have been working with many new startups which gave me new exposure in blockchain marketing and startup management.I am eager to join the next companies that I believe in and help them grow. Fin-Tech is where I am stationed at the moment. When I feel that I will be ready, I will move on to other industries and implement disruptive technologies over there so that out-dated systems and ideas will die out and these particular industries shall rise and will give to the community the best that they can present, create and implement.

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