Goldman Sachs continue to be wrong footed in this new world of finance, a previously bearish outlook for the price of bitcoin, has now changed in favour of everyones favourite cryptocurrency. Goldman Sachs chief technician Sheba Jafari told clients in a new report this week that BTC may reach a new high over $3,600 soon.
Since surpassing its all-time high over $3,000 on June 12, the bitcoin price tumbled to as low as $1,836 on the CoinDesk Bitcoin Price Index. Shortly thereafter, it hit a one-month high across major exchanges amid progress on its technical roadmap.
With this much foreseen, Jafari now believes the price of bitcoin is in for a period of fluctuation, at least until a new wave of price growth begins.
“Anything above 3,000 (June 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691,” Jafari wrote in the note.
This astute level of analysis is really quite impressive from Goldman Sachs – We here at SmartMoney can hardly wait for their next piece of analysis.