Goldman Sachs Says Bitcoin Could Rise Another 50%
Chart Analyst Sheba Jafari at Goldman Sachs, included a note on bitcoin in a report on charts for the week ahead which was seen by CNBC. The note said that Bitcoin, now priced at $2,568 a piece, could fall as low as $1,857 before bouncing to a much higher valuation between $3,212 to $3,915. Sheba acknowledged that "it might take time" to hit $3,915.
Jafari said bitcoin could rise in a fifth "wave" of gains, "fourth waves tend to be messy/complex," meaning bitcoin could continue trading in a range and potentially fall close to $1,857 before recovering.
Uncertainty about the future of bitcoin itself has kept prices in check lately. Updates to the bitcoin network scheduled for release in the next several weeks could split the digital currency in two if developers don't agree on how to make the updates compatible with each other.
If Bitcoin were to hit $3,915, then that would add another $22 billion in market capitalization to cryptocurrency, which is up 53% from Bitcoin's current market capitalization of $42 billion.
So those of you who do margin trading, this may be something to ponder over, as if it actually happened, an investor who watches over this closely and trades carefully, it could mean gains of as much as 110% on their initial investment! I am personally waiting on the price to fall a little bit to scoop up some BTC, but fear looms as August 01 approaches (the day of the big BTC upgrade).
Source: Fortune Finance
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