$4,800: Goldman Sachs Analyst Thinks the Bitcoin Price Is Heading Higher

August 14, 2017 5:50 PM | By Jit Sutradhar Bitcoin Markets News News

Analysis

An analyst for investment bank Goldman Sachs said yesterday that the price of bitcoin could shoot as high as $4,800, comments that came amid new highs for the cryptocurrency.

Business Insider reports that, in a client note distributed on Sunday, chief technician Sheba Jafari suggested that the price of bitcoin could shoot well past $4,000 given that it had neared a target of around $3,600 she set late last month. That same day, the price of bitcoin shot above $4,000 for the first time.

With that milestone hit, Jafari predicted, the price could climb to as much as $4,827. But she went on to caution that the market could correct, sending the price tumbling below $3,000.

Jafari’s comments come as the price of bitcoin continues to trade above the $4,300 mark. At press time, the price of bitcoin is roughly $4,328, an increase of more than 5 percent compared to yesterday.

Beyond predictions themselves, Goldman has been advising its client base that money, from their view, is moving into the market.

“Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching,” a group of analysts for the firm wrote last week.

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Article Source: http://www.coindesk.com