Bitcoin Forum

GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.

In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.

The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."

Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.

At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use).

Jafari, however, always expected the gains would resume after the correction.

And that they have.

Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285. As to how far bitcoin can go from here, Jafari expects another run at record highs. "The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691."

Bitcoin is up 140% in 2017. It put in a record high of about $3,000 on June 12.

http://www.businessinsider.com/bitcoin-price-goldman-sachs-test-3000-maybe-3700-2017-7

I think we are heading to $3000 and yeah we are going to test it and see if is sustainable. Currently, we are pegged at 2800$ so 3000$ is just around the corner. The question is can be sustained in? Last May we briefly touches 3000$, but then an ensuing sells happened and the price fall. Perhaps that price is really a psychological barrier for most traders, and will easy push the sell button once 3000$ was reach. I hope that is not the case once we touch it again.

 I think this forecast would motivate investors helping them to ride on the back of this exponentially rising coin- the sole backbone of cryptocurrency market.

Everybody is watching if indeed Bitcoin can breach the $3,000 level and maybe even beyond...well it should be happening this week but we all know that Bitcoin can be behaving erratically so it is possible that it can get stuck at the $2,800 while waiting for the August 1 date. In the past weeks, that 3K has become like a psychological barrier that must be broken repeatedly maybe before Bitcoin can soar as high as 5K.

Are most of Goldman's clientele short term traders? Predicting a sharp drop 2 weeks before and predicting $3700 now doesn't seem to be targeting long term investors. If they are really good, they should try and predict what the price will be 2 years from now.