Goldman Sachs Analyst: Bitcoin Could Soon Hit $4,000

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After its meteoric rise in value, Bitcoin has many financial analysts wondering aloud how high the cryptocurrency’s ceiling may go. Several have concluded that Bitcoin could soon outpace expectations in a grandiose way. Goldman Sachs’ head of technical strategy, Sheba Jafari, believes Bitcoin could soon reach a record-high of nearly $4,000 per coin.

In a note to investors, Jafari stated she believes Bitcoin is in the midst of a “corrective fourth wave” and that its value may still drop by up to 25 percent. Ultimately, however, she says the currency is on an upward trajectory and could reach over $3,900 by the end of the year.

Jafari explained the current state of Bitcoin in more detail, stating:

“It’s worth keeping in mind that fourth waves tend to be messy/complex. This means that it could remain sideways/overlapping for a little while longer. At this point, it’s important to look for either an ABC pattern or a more triangular ABCDE. The former would target somewhere close to 1,856; providing a much cleaner setup from which to consider getting back into the uptrend. The latter would hold within a 2,076/3,000 range for an extended period of time.”

The fifth wave, she says, will push the currency to approximately 1.168 of its Wave I value. In other words, Bitcoin may appear sluggish or even weak for the near future but will ascend dramatically before the year ends.

On the other hand, former Fortress principal Michael Novogratz has stated that Ethereum — Bitcoin’s chief crypto rival, which has experienced a stunning 2,800% growth rally this year — may have hit its 2017 ceilingOthers believe Ethereum could actually overtake Bitcoin as the king of cryptocurrencies by 2018.

Opinions on what the rise of cryptocurrencies portends for global markets vary widely. While some, like entrepreneur and business mogul Mark Cuban, believe the entire industry is a bubble, still others consider it nothing more than an elaborate Ponzi scheme. However, crypto-enthusiasts think Bitcoin, Ethereum, and other alt-coins represent a challenge to the banking industry and government-minted fiat, so much so that several governments — including India, Venezuela, Zimbabwe, and Turkey — are considering a widespread adoption of Bitcoin, or at least its underlying technology. The decentralized blockchain structure is essentially immune to cyber attacks and, many believe, conducive to more secure 21st-century financial transactions.

So, is it time for late adopters to jump on the crypto train? Find a virtually endless discussion of it on the blockchain-based social networking website Steemit, where you can even generate your own alt-currency, Steem, which converts to Bitcoin. While there will assuredly be a roller coaster ride of peaks and valleys ahead, it seems cryptocurrency is here to stay.

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  • Dick Wipityie

    For what it’s worth I haven’t lost money on my investments in bitcoin or ethereum. Only a swing from 200% to no lower than 150% for both currencies.

    • Gracencarroll


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    • Yet

  • way2inform

    I just came to laugh at all the idiots bashing bitcoin. We mock what we dont understand. Blockchain tech and the various underlying currency coins behind the economy of it all is the future. The short sided, narrow minded idiots claimimg its all going to burn down and there is no value simply have no idea. I buy and hold different coins and whether or not i hold Btc, it is 9/10 times the intermediary for the trade. When my .002 or $1.24 coins are worth $125.00 and $400 each respectively..in 5 yrs.. bitcoin will be the place they are liquidated. And through btc i will walk to the atm and pull out your fake paper created put of thin air to use as i see fit all day. Finite, scarce, resourceful, useful.. bash away as your 401k diminishes in value, your pension dissapears.. your buying power slides another 99% over the next 100 yrs.. btc is so much more than the headline and the title image you see in these articles.. it is the catalyst for the future of life on our planet. Banking transactions, encrypted passwordless internet, payment processing, apps… etc. Have fun with your federal reserve notes ;).. re read in 5 years

    • Maybe we just understand what Voltaire meant when he wrote that “(p)aper money eventually returns to its intrinsic value – zero.” That is being multiplied exponentially with virtual currency.
      I am not long in any currency, but money is not currency is not money, and bitcoin isn’t anything but a meme.
      How does one cash out of bitcoin when the Internet is down?

      • way2inform

        “And bitcoin is nothing but a meme” statements like that prove my point.. if you think that you don’t squat. Blockchain technology is expanding into every nook and cranny of daily existence and this effects dimwits like all of you. Bitcoin isnt leading the way but it is the Pioneer. Its so much more than a CURRENCY. Let alone a friggin meme… smh

        • What will you do when it reaches its maximum issuance and collapses?
          cur·ren·cy
          ˈkərənsē/Submit
          noun
          1.
          a system of money in general use in a particular country.
          “the dollar was a strong currency”
          synonyms: money, legal tender, cash, banknotes, bills, notes, coins, coinage, specie
          “foreign currency”
          2.
          the fact or quality of being generally accepted or in use.
          “the term gained currency during the second half of the 20th century”
          synonyms: prevalence, circulation, exposure; More

          • way2inform

            Ill be dead by 2140 man. How little do you know about this?

          • Pretty little, since you give neither a time zone nor a date.

    • elbustaroyjetspeekerson

      And every bitbyte as worthless as the not-even-suitable-for-buttwipe scrip we have had foisted upon us for….how many years now?
      And: Whaddya gonna do when the grid goes down, Einsteinowizc??

  • Right after it goes to $4000 would be a good time to sell it short.

  • Is this the same Gold-in-Sacks that has sold every physical ounce of gold they have to over 200 buyers on paper? That is going to be an interesting train wreck one day soon.