[2017-11-06] Goldman Sachs predicts bitcoin can run past $7,900

[cybersofts]

   - Bitcoin can hit $7,941 and eventually trade higher, Goldman Sachs' Sheba Jafari says in a Sunday note.
   - Following last week's news that the world's largest futures exchange, CME, will launch bitcoin futures by the end of the year, bitcoin
     climbed to a record high of $7,601.53 over the weekend before dipping below $7,000.
   - To Goldman's Jafari, reaching that price would mark the third of "five-waves up" for bitcoin, although in July The Elliott Wave Theorist
      newsletter said bitcoin is "making a final fifth wave from six cents."



Goldman Sachs expects bitcoin will hit new records, despite a roughly $600 drop in the digital currency from all-time highs.

"The market has shown evidence of an impulsive rally since breaking above 6,044," Sheba Jafari, vice president on the bank's FICC Market Strats team, said in a Sunday note. "Next in focus [$]7,941. Might consolidate there before continuing higher."

Bitcoin has surged more than sevenfold this year. The digital currency hit a record high of $7,601.53 over the weekend before briefly dropping below $7,000 Sunday, according to CoinDesk. Bitcoin was trading around $7,092 Monday afternoon, leaving room for about 12 percent in gains to Jafari's $7,941 level.

Bitcoin over the last six months


Source: Goldman Sachs

To Goldman's Jafari, reaching that price would mark the third of "five-waves up" for bitcoin. In mid-August, she said bitcoin was riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 before falling as low as $2,221.

Bitcoin hit $5,013 in early September but dropped to $2,951 in about two weeks as China cracked down on digital currencies. A major factor for the latest gains was last week's announcement that the world's largest futures exchange, CME, will launch bitcoin futures by the end of the year. Demand from Japanese investors has also increased — bitcoin trade in Japanese yen now accounts for about 60 percent of trading volume, according to industry data site CryptoCompare.

The five-wave principle of technical analysis on markets is known as the "Elliott Wave."

However, in July The Elliott Wave Theorist newsletter said bitcoin is "making a final fifth wave from six cents."



Source: https://www.cnbc.com/2017/11/06/goldman-sachs-predicts-bitcoin-can-run-past-7900.html

[1714704800]

1714704800

[1714704800]

1714704800

[1714704800]

1714704800

[Mark Promo]

The forecast looks quite real.

[bitcoinisbest]

Seems to be little off at present because the btc prices are not moving above 7200$ as it reaches and it falls back to 7100 $ during the entire day for now. There is a actually a huge confusion among the investors in relate to fork coming how will the btc prices move and due to which some are doing panic sale of their coin.

[error08]

Bitcoin surprisingly could leap to over $7000 and reach $7600 as the new ATH.
No need Goldman Sachs employees to predict what price bitcoin could achieve, as we know bitcoin will always growing over time.
It seems that they are trying to influence people to sell bitcoin before it reach $7900 or state it as the highest peak of bitcoin before it get corrected.
However, nothing for sure in the future, you may sell bitcoin today but it will rise even further tomorrow and vice versa.