News

Goldman Sachs Predicts Bitcoin Will Consolidate at $8000 Before Rising Even Higher

Jeff Francis | Nov 08, 2017 | 14:15

---

Sheba Jafari, the vice-president of the Goldman Sachs FICC market strategies team, forecast that Bitcoin would consolidate at around $8,000 before rising to even greater heights.

Bitcoin has been on a tear lately, reaching new highs this week, and it looks like the future of the digital currency is even rosier. An interesting forecast was recently made by Sheba Jafari of Goldman Sachs where she stated that Bitcoin will soon consolidate at around $8,000 but will then continue to rise in value.

Forecast Calls for $8,000

In a note sent out to Goldman Sachs investors, Sheba Jafari said:

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.

It appears that more and more traders are jumping onto the cryptocurrency bandwagon, as is evident by the CME Group announcing that they were launching Bitcoin futures trading by the end of the year.

How High Will Bitcoin Go?

It should be pointed out that Jafari did predict a major downturn for Bitcoin a few months back. However, it appears that she is changing her tune. As more and more financial institutions come onboard, the acceptance of Bitcoin is just going to continue to grow. Which should also translate into a higher value.

What heights can Bitcoin achieve? Bitcoin has increased over $1,000 since the CME Group announcement on November 1st. Some analysts have predicted upwards of $12,000; $15,000; and even $20,000. No matter the final number, it’s almost a certainty that Bitcoin will continue to rise as more people and institutions use it, but there will be some bumps along the way, such as the cancellation of the SegWit2x fork that many people were really looking forward to.

Do you agree with Sheba Jafari about Bitcoin consolidating at $8,000 before rising more? Let us know in the comments below.

Images courtesy of Wikimedia Commons and Bitcoinist archives.