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 ceiling. Others 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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