Goldman Sachs prediction on Bitcoin

Goldman Sachs has accustomed us with positive predictions this year.

In a recent note sent out to the clients, the technical head of Goldman Sachs, Sheba Javari, predicted that Bitcoin can reach 8000$.

Jafari wrote:

         It exceeded an equality target from the July low at 6,044. This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation.

Recently bitcoin reached $7.617, pushing its market cap to $127 bilion.

The price is pumped due to the declaration of the CME Group – the launching of a bitcoin futures contract by the end of 2017.

Aside from Jafari others have also been projecting where they think the value of the currency will rise to. Market analyst and founder of Standpoint Research Ronnie Moas thinks that bitcoin will see a value of $11,000 in 2018.

In a note to clients last week, Moas wrote:

Every day more headlines are hitting the newswires on crypto. More countries are embracing it and the few obstacles that were standing in the way are falling down like dominoes.

Earlier this year, he predicted that the digital currency would reach $5,000, which it did, before changing his figure to $7,500. As the cryptocurrency continues its upward trajectory Moas has once again revised his earlier figure, changing it to that of $11,000.

Considering the positive trend of the news, we can expect a steady increase of Bitcoin by the end of the year.

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