Goldman Sachs says bitcoin may rise about $500 more, before losing half its value

Bitcoin's latest leap higher brings the digital currency closer to a near-term top, Goldman Sachs' chart analyst said. 

The digital currency is riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 in the short term, technical analyst Sheba Jafari said in a Sunday report of charts to watch for the week ahead. 

However, "once a full five-wave sequence is in place, the market should in theory enter a corrective phase," she said. "This can last at least one-third of the time it took to complete the preceding advance and retrace at least 38.2 percent of the entire move." At the time of the report's publication, Jafari said that correction could take bitcoin down to around $2,221.

Read the full article:

https://www.cnbc.com/2017/08/14/goldman-sachs-says-bitcoin-may-rise-about-500-more.html