Banking giant Goldman Sachs ranked bitcoin (BTC) as the world’s best-performing asset so far in 2023.
According to a recent report by the firm, on year-to-date asset performance, the firm noted that BTC performed better than the S&P 500, gold, real estate, and the Nasdaq 100.
The Goldman Sachs document, shared via a screenshot on Twitter by the Documenting Bitcoin account, highlighted that BTC outperformed the MSCI Emerging Markets Index; information technology (IT); 10-year U.S. Treasuries; crude oil; and other assets.
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 23, 2023
Bitcoin topped the list, with more than 27% in total return and a risk-adjusted ratio of 3.1. All other assets lagged far behind cryptocurrency. In fact, MSCI is second in the ranking and its return was 8%.
Goldman Sachs added bitcoin to its performance report in early 2021, after years of skepticism about cryptocurrencies and criticizing the digital asset, even introducing crypto services for its high net worth clients in Q2 2022.
Bitcoin price pulls back
January has been a month of gains for the bitcoin price. BTC rose 30% in price over the past two weeks, reaching a high of $23,282 on January 21, a price it had not reached since August 19, 2022.
However, in recent days the cryptocurrency has made gradual downward movements and its price today, Wednesday, stood at $22,643, down 1.49%.
Analyst Michael van de Poppe published a bitcoin chart showing where the bitcoin price could be heading, after failing to establish itself above the $23,100 price level.
#Bitcoin couldn't break through a crucial resistance at $23.1K.
If we continue to make LHs, we'll probably test and sweep around $22.3K before continuation.
Grants some serious buying opportunities. pic.twitter.com/P8YPYAaHvU
— Michaël van de Poppe (@CryptoMichNL) January 24, 2023
In his tweet, Van de Poppe estimated that, if the dominant cryptocurrency holds lower highs, it could fall toward the $22,300 level and could even hold at that level for a while.
On the contrary, also cryptocurrency analyst Kaleo, indicated in a tweet that he expects the BTC price to reach $30,000 in the coming days.
$30K is a magnet. pic.twitter.com/yhpJh0zwqt
— K A L E O (@CryptoKaleo) January 16, 2023
He stated that this figure constitutes “a magnet,” meaning that a price increase would be “imminent” for bitcoin.
However, Kaleo emphasized that in the short term, there will be a drop below $20,000, before bouncing back towards $30,000.
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