Goldman Sachs Analyst Says Bitcoin Price Could Still Soar to New ATH
Goldman Sachs analyst Sheba Jafari said that the price of bitcoin in the market could still surge to new peaks in the near future. The price of the digital currency has already jumped by 290% in 2016, and Jafari claimed that it still has a chance to increase more in 2017.
In her note to CNBC, Jafari said that bitcoin could still soar to as high as $3,915, up from its current price of around $2,567 in mid-2017.
“From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I). There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there.”
Based on her report, Jafari said that the price of bitcoin could slide to as low as $1,857 before bouncing back to a much higher price of between $3,212 to $3,915. This could mean that investors in the digital currency could gain up to 110% of their initial investment on bitcoin if they make a close watch on its price movements and make a perfect timing for their investment. The forecast, however, stated that it could take a long time for bitcoin to hit near the $4,000-level.
In the event that the price of bitcoin will reach $3,915, this could mean that an additional $22 billion has been added to the market capitalization of digital currency. This is equivalent to a 53% increase from bitcoin’s present market capitalization of $42 billion.
In mid-June 2017, several investors, including Mark Cuban, have warned about the possible bitcoin “bubble” after the currency hit a high price of slightly above $3,000.
In his June 6, 2017 tweet, Cuban claimed that bitcoin is a “bubble.”
“I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”