Goldman Sachs: Bitcoin to grow then to drop significantly

Goldman Sachs analytics predictions: Bitcoin is to grow more but then to drop to $2,221
15 August 2017   4871

The Bitcoin price may grow to almost $5,000 but after that it is likely that the correction will take place and the price will drop to about $2,000, claims Goldman Sachs' chart analyst Sheba Jafari, CNBC reports.

Thus, according to the analyst, Bitcoin is riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 in the short term. However, "once a full five-wave sequence is in place, the market should in theory enter a corrective phase," Sheba Jafari argues.

This can last at least one-third of the time it took to complete the preceding advance and retrace at least 38.2 percent of the entire move.
 

Sheba Jafari
Goldman Sachs' chart analyst

At the time of the report's publication, Jafari said that correction could take Bitcoin down to around $2,221.

Bitcoin price charts on goldmansachs.com Bitcoin price charts on goldmansachs.com

Although Jafari didn't explicitly name it, the five-wave principle of technical analysis is known as the "Elliott Wave." Thus, earlier The Elliott Wave Theorist newsletter also pointed out that Bitcoin is "making a final fifth wave from six cents" after predicting the digital currency's surge seven years ago.

Bitcoin Waves on elliottwave.com Bitcoin Waves on elliottwave.com

Bitcoin would also have to fall under $2,935 "to signal that a top is already in place," Jafari detailed in the report.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.