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‘It’s Just a Matter of Time’: Goldman Sachs Says Bitcoin Price Will Go to $4,000

Ashour Iesho by Ashour Iesho
6 years ago
in Bitcoin, Bitcoin Price, Emerging Markets, Markets and Prices, News, News teaser
0
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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.

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“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.

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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.

WOW! #Bitcoin hashrate jumped over 30% in the last 24 hours. This confirms the price breakout imo. Something big is happening. pic.twitter.com/MlfFph8Sbr

— 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

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