Bitcoin

Bitcoin breaks narrow price range

Bitcoin broke the narrow price range in which it had been trading for about a week, and fell to the level of 43 thousand dollars, which was last seen on the night of December 4th. The cryptocurrency, which lost more than 5 percent in value, has also moved away from its 200-day moving average.

Bitcoin has been trading between its 200-day moving average and the $45,600 level for seven days in a row. Cryptocurrency, which was at $ 46 thousand 400 on Wednesday evening, fell by more than 5 percent to around $ 43 thousand.

Bitcoin, the crypto money with the largest transaction volume, last broke its 200-day moving average downwards in May and then pulled up to 30 thousand dollars. After falling below its 200-day moving average, it took almost 3 months for it to break upwards again.

On the night of December 4, when Bitcoin dropped by nearly 20 percent overnight, the lowest level was $ 42 thousand 296. Bitcoin, which experienced its biggest daily drop on the night of December 4, then closed the day around 48 thousand dollars.

'Bull' prediction for Bitcoin from Goldman

According to Goldman Sachs Group, Bitcoin may continue to attract some of its gold investments as investors adopt more digital assets, reaching $100,000.

Goldman estimates Bitcoin's market cap to be just under $700 billion. This makes up 20 percent of the “store of value market,” which the institution says consists of Bitcoin and gold.

The value of gold suitable for investment is estimated to be 2.6 trillion dollars. According to Zach Pandl, Co-Director of Global FX and EM Strategy at Goldman Sachs, if Bitcoin's share of the "store of value" market "hypothetically" rises to 50 percent in the next five years, its price will be driven by an overall annual return of 17 percent, or 18 percent. It could go a little over $100,000.