What to expect from Bitcoin in the very near term
Well, according to Goldman Sachs, we should expect to see a drop and then a sizable pop.
According to notes out by lead chart analyst Sheba Jafari, we could likely see Bitcoin reach a high of $3,915 in the near future.
That marks roughly a 50% return from current Bitcoin prices.
Bitcoin is currently in the 4th wave of a potentially 5 wave move that started in late 2010/early 2011.
It's not all roses though...
Jafari said he fully expects to see the price decline rather substantially from current levels first.
According to Jafari, Bitcoin is currently in the 4th wave of potentially a 5 wave move. The 4th wave can be pretty messy and he fully expects the price of Bitcoin to decline to around $1,900 with the price likely not trading below $1,857. That would be roughly a 25% drop from current levels.
From there Jafari sees Bitcoin rallying hard all the way up near $4,000 per coin, or $3,915 to be exact, which would mark roughly a 100% return for anyone able to get in near those lows he is predicting.
Here is a look at the chart he is using to make his predictions:
According to Jafari:
"From current levels, this has a minimum target that goes out to $3,212 (if equal to the length of Wave I). From there, there's potential to extend as far as $3,915 (if 1.618 times the length of Wave I). It just might take a little time to get there."
As you can see, he is looking at a minimum target of around $3,200 and a maximum target of around $4,000. Either way, he is calling for new highs from Bitcoin in the coming weeks and months.
Charts lining up with major news announcements?
With the soft fork set to take place on August 1st, there is a lot of uncertainty around the price of Bitcoin and around the entire cryptocurrency space in general.
It is very possible that as we get closer to that date, traders and investors take some money off the table. Perhaps dropping the price down to around that $1,900 price point Jafari is calling for.
Then, once we get passed that date and people find out the world did not end, money could likely come flooding back into the coin, driving it to new all time highs and possibly all the way near that $4,000 number referenced by Jafari.
Basically, whether one is looking at the charts or just thinking about how people might react to major news events coming up, I think Jafari and Goldman present a very reasonable and likely prediction for what they think Bitcoin may do in the coming weeks and months.
*Caveat: No one has a crystal ball, Goldman included. So, make sure you take everything you read about price predictions with a grain of salt and understand that no one can predict the future.
Stay informed my friends!
Sources:
http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-7
http://www.cnbc.com/2017/07/03/goldman-sachs-says-bitcoin-could-rise-another-50-percent.html
Image Sources:
http://www.cbsnews.com/news/donald-trump-ensures-goldman-sachs-influence-lives-on/
http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-7
http://www.reddirtreport.com/prairie-opinions/conservative-view-%E2%80%93-who-needs-crystal-ball
Follow me: @jrcornel
Was Goldman Sachs ever right with their prediction? ^^
i was thinking the same
True @coinlend. Most of the time banks give proce predictions it is for them to sell into. They were buying around 2K though and 3K looks to be in play soon. That is a near term price target to sell into. Then wait for the test of this current breakout to buy more.
Is Goldman Sachs taking the opposite position of their rec and getting ready to screw their clients...yet again? !!
If Bitcoin pulled back 25% it would scare the sh*t out of most people, but the rest of the people that have been in long term will treat it as a buying opportunity..... BUY, BUY, BUY
I think we probably will have a bit of a correction for the entire market, if crypto keeps chugging like it always has after that (no reason to think it wont) we will move up again. Im basing this on the similarities to the 2013 bubble. However to be honest we never really know what could send the market into panic or into a buying frenzy, so I wouldnt bet on that being a sure thing.
A bit Unrelated but I would express caution to many buying Ethereum if there is a market correction. Many of the companies that raised via ICOs are still holding the ETH and although many promised they wont dump it on the market, if we see a 50% correction they might liquidate it as fast as they can. They are now setting their budgets and they are relying on having that money for the future. They need an operating budget so most of the ICOs wont hold long term.
The biggest obstacle bitcoin has to overcome at the moment will be watching how a UASF either fails or succeeds come August 1st. This pressure might trigger a fork, then all bets are off, we dont know what will happen. I dont see segwit2x happening or any consensus being met. Miners could push through Segwit2x, but the hardfork part of the agreement will most likely never happen.
Crypto is unpredictable. These guys at Goldman Sachs are jabronies.
So true - if that bunch of bullshit artists could make an accurate prediction for the next 24 hours, about anything, let alone cryptos, they could consider doing an honest days work!
It wouldn't be in their blood to do an honest days work unfortunately. :-(
Until we get past the fork safely we will just consolidate. After, it will be a big swing either way, however it goes! lol
I agree. Although I think it will likely go up after the fork, pretty much regardless of what happens, well as long as nothing completely unforeseen and unexpected happens. As the uncertainty dissipates, the price appreciates! See what I did there?! :)
I second that. Here's looking for some big price movement early to mid August
No one can predict movement of any wide spread malleable liquid asset. If you have yourself an asset that moves without support you are a very lucky person. There is no side of markets that gives you 100% assertive knowledge you're going the right way up a possibly hard treaded path.
You have only yourself for knowledge and you can hope what you have for intelligence could withstand the markets various possibilities.
I would be interested to see his chart compared to the actual chart in 6-12 months. I have seen hundreds of charts predicting everything from drop to zero to highs of 10k etc. However, I have never seen anyone make predictions, then revisit those and compare to the actual chart once it has occurred!
I agree, sometimes it appears that people just make as many predictions as they can so they will be guaranteed to get one or two of them right.
and most people wont bother to check if they were right or not, yet they can show off the charts of when they called it, whilst quietly ignoring the 75% where they got it wrong!
Ya, it's a sketchy move.
I hear you. No one can predict the future and even the professionals are wrong more often than they are right, however, they are still probably better than most. Goldman can likely influence markets to make or break their predictions as well in smaller markets like crypto...
That's true. If enough people are following and believing them it becomes a self fulfilling prophecy!
Not sure if they're a source I trust, but I definitely hope they're right!
I see Bitcoin around 5k in near future!
Get ready for bitcoin holders
You got a new follower. Upvoted.
Awesome. Thanks. Looks like this was from 2 years ago?