Goldman Sachs chart analyst, Sheba Jafari, has predicted that bitcoin price will have a correction, before sky-rocketing to nearly $4,000.
Goldman Sachs: It’s Just a Matter Of Time
Goldman Sachs chart analyst, Sheba Jafari, has predicted in a recent report that bitcoin’s price uptrend could continue even further. Jafari is predicting that the bitcoin price could continue its correction, falling to as low as $1,875 before recovering.
“From current levels, this has a minimum target that goes to 3,212 (if equal to the length of wave I),” Jafari wrote. “It’s just a matter of time.”
From there on, traders and consumers could push the price up to $3,915, effectively hitting a new ATH for the digital currency. This report isn’t the first time Goldman Sachs has made positive comments about the world’s first cryptocurrency.
In an article from 2016, Goldman Sachs admitted that Bitcoin is the ‘ideal vehicle’ for public transactions.
The report also explained:
Private or ‘permissioned’ blockchains behave in the same way as the public blockchain, except that the identity of anyone who attempts to access the blockchain must be validated against a list of pre-validated market IDs. We believe that the vast majority of commercial blockchain applications – particularly in capital markets – are likely to use private or permissioned blockchains.
Goldman Sachs also predicted a wide-scale adoption of blockchain within 5 to 10 years.
Bitcoin Bull Run on Pause?
Bitcoin has had an impressive price growth in the last couple of months. On June 11, the famous cryptocurrency hit its all-time high of $3,025.47 and had an huge increase of market cap. Experts believe that the current price rally is caused by a huge demand in countries like Japan, India and Venezuela.
Bitcoin’s recent price hike has also caused a huge demand for mining equipment, countries like Russia have even had a GPU shortage because of the recent mining “gold rush.” In fact, the bitcoin hashrate has jumped a staggering 30% in the last 24 hours.
— Bitcoin&Markets (@btcmrkts) July 3, 2017
In the last weeks, however, bitcoin’s price has been hovering around the $2,500-2,800 area.
The sideways trend has been caused by the current uncertainty related to which scaling path Bitcoin will take. For example, the so-called New York agreement for scaling solution Segwit2x — currently supported by almost 90% of miners — has been receiving scrutiny from some prominent Bitcoin community members and Bitcoin’s Core developers.
Is Bitcoin going to $4,000 or must it solve its scaling deadlock first? Let us know in the comments below!
Images courtesy of Pixabay, Shutterstock, Goldman Sachs