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Goldman Sachs Indicates Bitcoin Price May Reach $8000

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Bitcoin has been hogging the limelight for some time now following a massive price surge which propelled the price above 7500$. While some are expressing their concerns over a probable market correction, analysts around the globe are hopeful about Bitcoin’s dream run to continue for some more time now. Goldman Sachs has predicted the Bitcoin price  to reach “at least $7,941” pretty soon and stay rooted to the same for some time.

Technical analysts Jack Abramowitz  and Sheba Jafari cautioned general investors with a note sent on Sunday that in spite of the rapid price rise of Bitcoin its price might stabilize and linger around the current mark.

Given that this is just a third of five waves up, the implications are that bitcoin has potential to run further over time,” they stated citing that the price levels are constantly tracked using the Elliott Wave theory which can predict the market patterns using mass psychology.

Sheba Jafari, the vice president on the bank’s FICC Market Strats team added that, “the market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus [$]7,941. Might consolidate there before continuing higher.”

Also Read: Wall Street Strategist, Tom Lee Predicts Bitcoin Price To Touch $25,000

The note also explained that Bitcoin’s crossing of $4,921 mark in October “opens up the possibility of being in wave (3).” However, if bitcoin is actually in the wave cycle’s third part, then the note points out that, “this break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation.” The analysis also points out that a 2.36% pullback shall occur during the 4th wave before the wave cycle’s fifth and final part starts pulling up the Bitcoin price.

Also Read : Goldman Sachs CEO Not Against Bitcoin

Apart from Goldman Sachs, other analysts round the globe also detected patterns in the Bitcoin operation termed as Fibonacci. Analysts were quote as saying:

“in this case, JC Parets, a chartered market technician who is the president and founder of All Star Charts, observed that the price of Bitcoin has moved upward at intervals resembling the Fibonacci sequence, a famous mathematical pattern that also occurs in nature in everything from the inner spiral of a seashell to pinecones. With Fibonacci, the length of the next segment is equal to the sum of the two preceding segments. In Parets’ chart above, he shows that Bitcoin’s rallies, since the price surpassed its 2013 high, have followed a similar pattern, where each new leg up corresponds to a percentage increase as predicted by the Fibonacci series.”

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