GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700
Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store. Reuters/Bobby Yip
Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.
The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."
Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use).
Jafari, however, always expected the gains would resume after the correction.
And that they have.
At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use).
Jafari, however, always expected the gains would resume after the correction.
And that they have.
Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285. As to how far bitcoin can go from here, Jafari expects another run at record highs. "The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691."
Bitcoin is up 140% in 2017. It put in a record high of about $3,000 on June 12.
Goldman Sachs
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