GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

  • Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
  • The $1,856 to $1,790 area “has the potential to act as strong support,” Jafari wrote.
  • Jafari’s latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
  • 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.

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according…
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GOLDMAN SACHS: Bitcoin could see a big drop then surge to almost $4,000

GOLDMAN SACHS: #Bitcoin could see a big drop then surge to almost $4,000

  • Last week, Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, suggested bitcoin was in a bubble unlike any we had ever seen before.
  • Goldman Sachs thinks bitcoin could see a big drop before running to another record high.
  • In a note to clients sent out Sunday, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested that while bitcoin’s correction hadn’t run its course, the cryptocurrency was ultimately heading higher.
  • Jafari wrote bitcoin was “still in a corrective 4th wave” that “shouldn’t go much further than 1,857.”
  • But bitcoin enthusiasts shouldn’t worry too much, according to Jafari, because from there she sees the fifth wave of the move taking the cryptocurrency to a record high.

Bitcoin had a blistering first half of 2017. It rallied from about $1,000 a coin to a record high…
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