[2017-11-06] GOLDMAN SACHS: Bitcoin could get close to $8,000

[ivanpoldark]

Goldman Sachs thinks bitcoin still has more room to run.

The red-hot cryptocurrency, which has gained more than 600% this year and is currently trading near $7,200 a coin, could threaten the $8,000 mark, according to a note sent out to clients on Monday from Goldman Sachs technical head Sheba Jafari.

"It exceeded an equality target from the July low at 6,044," Jafari wrote. "This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation."



The cryptocurrency put in an all-time high of $7,592 a coin early Monday as traders continue to pile in following the announcement that CME Group, one of the world's largest exchange groups, was launching bitcoin futures trading by the end of the year. Bitcoin has gained more than $1,000 since the November 1 announcement.

The gains also come as traders await the implementation of a looming fork in bitcoin's network.

Disagreements in the cryptocurrency community over an upgrade known as SegWit2x could split bitcoin into two more cryptocurrencies. Bitcoin has already forked into bitcoin cash and bitcoin gold.

Another fork would double the amount of coins for people who hold them on an exchange or in a wallet backing the fork.  Trevor Koverko, the CEO of Polymath, a cryptocurrency technology company, told Business Insider that folks could be buying in before the fork to get that free cash.

"Speculation on this free money is driving up the price," he said. "Smart traders are riding the wave and will pull out before the fork."

http://www.businessinsider.com/goldman-sachs-bitcoin-could-get-close-to-8000-2017-11

[Slow death]

People want to make as much profit as they can with this hard fork and this is leading many people to sell their altcoins and buy bitcoins

"Speculation on this free money is driving up the price," he said. "Smart traders are riding the wave and will pull out before the fork."

we will see how the price will be after November 16

Bitcoin has already forked into bitcoin cash and bitcoin gold.

Oh there's still more: Bitcoin Silver

 " Make Bitcoin Decentralized Again "

[xFiber]

At this point  they are just adding to the speculation. Yes could come close to $8,000 next week, but it would also crash down to about $5,000 after the probable segwit 2x chain split. Speculating right now is not really useful, we should wait and see what happens on the 16th and make our mind up from there.

[gentlemand]

I thought they called the top at $4800 and then it was going to crash down to $1800? Or have both of those already happened? It's all getting a bit hazy. I think there was an $1800 crash but I'm not sure whether they called it beforehand.

[Xavofat]

Oh there's still more: Bitcoin Silver

Nope.  They couldn't even create an ANN thread, never mind a cryptocurrency.  That ANN thread even copied the exact words of BTG, and they forgot to edit one time so it still says "BTG" once on there.

Goldman Sachs thinks bitcoin still has more room to run.

They predicted a top last time when the price was significantly lower.  Since then it's gone very dramatically higher. 

When the price is as high as this, all reason is lost.  It could go to any kind of ridiculous price, because speculators are now small investors who are subject very strongly to their emotion.  Technical analysis can never quite realise this humanity.

[odolvlobo]

Yawn. It is already "close to $8,000".

[richardsNY]

I thought they called the top at $4800 and then it was going to crash down to $1800? Or have both of those already happened? It's all getting a bit hazy. I think there was an $1800 crash but I'm not sure whether they called it beforehand.

We're obviously already past these events. They were right when it comes to calling the top, but the bottom they were hinting at wasn't anywhere near. I think they just assumed that people would start dumping their coins blindly, like they usually were doing. That turned out to be a wrong way of thinking, because it looks like people are more than ever willing to keep holding their coins, and rightfully so. There is no point into selling your coins in a market that only goes up. People have been selling since the market reached the $2000 level as they were expecting the price to correct again, but it didn't happen -- they either bought back their coins with a significant premium, or they are still waiting for the market to come down.

[The_Dark_Knight]

Yawn. It is already "close to $8,000".

Yeah it it like predicting it is going to rain when it is raining already, sometimes I’m surprised by what passes by predictions these days, some days you get predictions like this that are not real predictions and the next day we get predictions that bitcoin is going to reach hundreds of thousands of dollars and that is not a prediction either that is just people letting their imagination run wild.

[8270thNinja]

It already got close to $8000. With their statements we can conclude that these Investor's skills and experiences applied on their statement and how they see Bitcoin is invalid when it comes to Digital Currency. Even a Billionaire Investor's prediction on prices doesn't even reflect on Bitcoin's prices.

[1Referee]

At this point it doesn't really matter anymore since we've broken through $7500 already. I expected a bit more risk in their prediction, honestly, but perhaps they have decided to calm down a little bit after their initial prediction that didn't exactly plan out as they described. I expect the market to remain relatively stable around the $7000 (give or take 5% in both up and down directions) level as long as we have the hard fork ahead of us, where from that point it's likely to see the market take a step back. And btw, it's getting annoying with all those people stating that everyone will double its coins after a fork. It's just you having your Bitcoins, where after a fork you'll just get an equal number of shitcoins as 'bonus'. There is no such a thing as doubling your Bitcoins.