Share this article
BTC
$85,191.39
-
0.28%ETH
$1,622.25
-
3.08%USDT
$0.9999
+
0.00%XRP
$2.1514
-
0.64%BNB
$585.74
-
0.99%SOL
$130.95
-
1.85%USDC
$0.9999
+
0.00%TRX
$0.2478
-
2.94%DOGE
$0.1572
-
5.05%ADA
$0.6291
-
3.66%LEO
$9.4288
+
0.26%AVAX
$19.74
-
3.24%LINK
$12.46
-
5.24%XLM
$0.2416
-
1.70%TON
$2.9659
+
4.34%SHIB
$0.0₄1196
-
3.30%SUI
$2.1628
-
6.37%HBAR
$0.1629
-
3.68%BCH
$326.82
-
3.70%LTC
$76.58
-
2.81%Goldman Sachs: Bitcoin May Reach New High Over $3,600
Goldman Sachs has issued a new forecast for the price of bitcoin, finding it will likely remain volatile before testing all-time highs again.
Reversing a bearish outlook for the price of bitcoin, Goldman Sachs chief technician Sheba Jafari told clients in a new report this week that the cryptocurrency may reach a new high over $3,600 soon.
As profiled by Business Insider, the movement is in line with Jafari's earlier analysis, reported on June 13, when she suggested the price would temporarily drop below $2,000, only to then turn bullish.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Indeed, 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.
Goldman Sachs image via Shutterstock
Wolfie Zhao
A member of the CoinDesk editorial team since June 2017, Wolfie now focuses on writing business stories related to blockchain and cryptocurrency. Twitter: @wolfiezhao. Email: wolfie@coindesk.com. Telegram: wolfiezhao
