Goldman Sachs Believes The Price Is In A Period Of Fluctuation Before It Rises
Sheba Jafari, the widely acknowledged market predictor for Goldman Sachs, has predicted that the price of Bitcoin may reach a new high over $3,600 soon. The movement is in line with Sheba Jafari’s earlier analysis in June 2017, when she suggested that the price of the cryptocurrency would temporarily drop below $2,000, only to turn bullish again.
And she was spot on. Since surpassing its all-time high over $3,000 on June 12, the Bitcoin price tumbled to below $1,900 and then recovered again to levels above $2,700 across major exchanges, amidst progress on its technical roadmap. The recovery was largely due to the improving outlook for the cryptocurrency’s technology roadmap, spurred by resolution in its scaling debate last week.
As per reports, the two camps – one of which was favouring a solution called Bitcoin Improvement Proposal (BIP) 148 and the other one favouring BIP91 for scaling it – were showing majority support for the BIP91 solution last week. The conflict between the two factions had resulted in a fall in Bitcoin and cryptocurrency prices in the last couple of weeks.
The Goldman Sachs analyst now believes that the price of Bitcoin is in for a period of fluctuation, at least until a new wave of price growth begins.
She stated in the report that there is a potential for another drop into the $1700 to $1800 range, after which there might be a substantial bump in pricing to well over $3,000. The minimum target in the final wave, according to her, is $2988, and the maximum is $3691.
The Goldman Sachs analyst concluded, “Consider range-bound/corrective below $3,000. Shouldn’t retrace much further than $1,857-$1,787. Eventually see potential for $3,691.” However, further corrections may be in store for Bitcoin given the impending August 1, 2017 scaling deadline for the cryptocurrency.
(The development was reported by Coindesk)
