[2017-08-15] Goldman Sachs says bitcoin may rise, before losing half its value

[bbc.reporter]

Days ago they released a news article that said Goldman Sachs advices everyone to not ignore BTC any longer. Today they are saying that bitcoin will increase more before losing half of its value?

Were they trying the old trick of hyping and then dump on the buyers?



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

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[Realist247]

They are only saying what many believe anyway...and are simply using history of BTC performance as their guide.  Normal speculative instruments go through these cycles all of the time.  BTC is not immune to the possibility of pump and dump.  A 50% correction would attract even more speculators anyway since most of the fanatics won't sell even at 1/4 of the current price.

[Kemarit]

LOL. There are no so called experts that can predict the price movement of bitcoin. That is why I always take with a grain of salt every analyst who are speculating on the price of bitcoin. They don't get how people are putting funds in the market. And can you believed that it will fall drastically without new sets of investors buying in the dip? I for one would buy specially if I see that the price is dipping but I wouldn't wait for the floor price. Good example, when we dip at ~$1900, people are saying that they are waiting till the price hits $1500, then what happened? The price suddenly jumps to new ATH, so what happened to them? they lost a lot of opportunity to earn huge today. So I doubt that it will fall around 50% if what they are saying here.

[Maheshkumar_Hrangkhawl]

I have to admit that we can expect a major correction anytime in the next few days. But I don't think that it is going to be as bad as the Goldman Sachs says it would be. At the most, we can expect a 20% decline.

[DocSnyd3r]

Seems to happen right now.