Blockchain Daily

Bitcoin value in shock prediction from Goldman Sachs

Bitcoin value in shock prediction from Goldman Sachs

Bitcoin value may break its own record in the last four months of 2017 by reaching a sky-high value and then falling sharply.

According to Goldman Sachs’s head technical analyst Sheba Jafari, investors can afford to be a little confident and optimistic for some time. She predicts that the price will rise up to $4,827, only to plummet by 38% – all within the length of the fifth wave.

On August 15, bitcoin value rose up to almost $4,236 and then decreased by 5% in the next two days. Coinbase posted a price chart which showed that the value had gone down to $4,025.

Sheba Jafari Bitcoin Value prediction

Price Chart for Bitcoin via Coinbase (August 15)

Jafari has been right about bitcoin value in the past

Jafari had predicted in June that the price would fall down to $1,900 and then arrive at $4,000. It ended up being partially true because she was also sure that the price would not exceed $4,000. Once again, she does not think $5,000 is an achievable target for bitcoin. Jafari sent her latest estimates to her clients and wrote in her official statement:

“[O]nce a full five-wave sequence is in place, the market should in theory enter a corrective phase….This can last at least one-third of the time it took to complete the preceding advance and retrace at least 38.2 percent of the entire move.”

Other Predictions

Max Keiser and BitMEX’s CEO Arthur Hayes also believe that bitcoin price could draw closer to $5,000 this time. Ronnie Moas has even bigger claims as the stock researcher guesses that the price will go beyond $7,500 before 2017 comes to an end.

If Jafari’s prediction turns out to be true then it would mean that the price could drop down to $3,000 or even reach a minimum of $2,221. Even if this happens, investors need to understand that it would have still risen by more than 130% year-to-date. However, all hope should not be lost because the bitcoin market will recuperate. Because as it happens, Goldman Sachs also agrees that disregarding cryptocurrency is becoming difficult for banks and insurance companies.