Bitcoin Forum

Bitcoin is is trading down 4.7% at $2,623 a coin. Tuesday's selling comes after a strong day of gains on Monday as traders continue to jockey for position ahead of the August 1 decision on whether or not bitcoin will be split in two.

According to Sheba Jafari, the head of technical strategy at Goldman Sachs, bitcoin "may need another few swings" before the trend continues.

The cryprocurrency's inability to breakout above its June 13 high of $3,000 suggests it is forming a triangle pattern that could see as many as five swings, and a low of $1,786, Jafari writes.

But fear not, says Jafari, because a run at record highs is in the cards as bitcoin remains in the fourth wave of a five wave series. "Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote in a note to clients sent out on Monday.

So far Jafari has been spot on in her analysis. In early July, Jafari suggested bitcoin wouldn't fall too far below $1,857. It fell to somewhere between $1,758 or $1,852 (depending on which data you use). A few weeks earlier, Jafari predicted a big drop was coming after bitcoin hit $3,000.

Bitcoin is up 166% so far in 2017.


Source . Business insider web

That analyst is already stating the obvious. BTC's history in the market has always been a swingy and volatile one. We also know the part that BTC has not reached its full potential as far as serving the unbanked is concerned and its therefore on its way up.

Since when Goldman Sachs cares about Bitcoin and the BTC price?
This analysis looks pretty simple to me.
Perhaps Sheba Jafari doesn`t know anything about the upcoming soft/hark forks and Segwit2x.
I don`t care about "triangle patterns" and "five swings".
The bitcoin price will skyrocket after Segwit.You don`t have to be an expert to see this.

Yeah...
The guy is really taking 0 risk here...
BTC is going up but "might go up but with a few up and down"

YTeah thanks, really great analysis, without you what would we have done?

Its not actually a great analysis since its just really a common thing to say about bitcoin.  swings are really common on bitcoin market which i can really say that even how popular you are as an analyst i will bet you that you cant really predict anytime on bitcoins price movement. Its not predictable and this is really the hardest part on bitcoin or even on altcoin market.

The more swings, the more chances to make a profit. Isn't that what most people want anyway? It's the volatility that has attracted new entrants these past months and so they'd probably like it this way.

Don't read those fucktards they don't know anything more than a random trollbox addict. All you need to know is that you need to hold. Nothing else. They basically say the same thing anyway (just like a trollbox addict would do the same)

If they knew something useful, they wouldn't tell you because the more people know that information, less money goldman will be making.

So reading them is completely useless.

They care about money and since the bitcoin market is a new emergent market that could very well give to them big profits if they invest now, then it is obvious they are now dedicating some resources to explore their option if they think they can pull it off, prepare for bitcoin’s price to skyrocket.