Topic: [2016-07-04]Goldman Sachs says bitcoin could rise another 50% (Read 4542 times)

You are right to ignore the analysts - they don't know more than you do and it is just their guess.  The so-called experts and professionals have been saying terrible, negative things about Bitcoin since 2009 and they have been universally wrong when they've been dismissing it.

In most cases you have done well in ignoring all the wild predictions popping up from self claimed experts, but I have to point at the fact that this prediction isn't all that bad -- for once, it actually makes sense. In terms of trading, even when predictions make sense, you should always do your own analysis, and trade based on that. I do exactly that, and thus far I have done a pretty decent job.

I dont think that the 1st of august would change a lot.

In recent months I have tried to avoid listening to the opinion of these analysts because in the past I believed in an analyst and lost my precious money



I'm doing trade with few bitcoins until August, I want to avoid losing bitcoins

Bitcoin price has been gaining last couple of hours now. Good news really drive the price of bitcoin to an extent and I hope its sustainable. Aug 1 is still far but I hope everything will turn out right so that we can break the mental barrier price -- $3000. And from then on we can see the price go higher at the end of the year maybe around $4000-$5000.

I'm not sure though why Goldman Sachs are releasing positive news about bitcoin. I'm thinking they are trying to build a clientele of bitcoin investors. Just my opinion.

I believe that it can go even further. A lot of good news has come in during the last 24 hours (South Korea, Jihan Wu / Bitmain, SegWit2x support.etc). I expect the exchange rates to cross $5,000 per coin before the end of this year.

Goldman Sachs is out with a call on bitcoin, and chart analyst Sheba Jafari expects the digital currency could rise as high as $3,915.

That would be 52 percent above Monday's price of about $2,567.

"The market is in wave [four] of a sequence that started in the late-'10/early-'11 lows," Jafari wrote in a Sunday report on charts for the week ahead. We are "eventually expecting one more leg higher; a 5th wave."

"From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I)," Jafari said. "There's potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there."

Bitcoin has traded in a range between about $2,100 and $3,000 ever since hitting a record high of $3,025.47 on June 11, according to CoinDesk.

Uncertainty about the future of bitcoin itself has kept prices in check lately. Updates to the bitcoin network scheduled for release in the next several weeks could split the digital currency in two if developers don't agree on how to make the updates compatible with each other.

To be sure, Jafari said, "fourth waves tend to be messy/complex," meaning bitcoin could continue trading in a range and potentially fall close to $1,857 before recovering.

On June 12, Jafari said in a note — written "due to popular demand" — that she was "wary of a near-term top ahead of $3,134." She said traders should "consider re-establishing bullish exposure between $2,330 and no lower than $1,915."

After topping $3,000 for the first time on June 11, bitcoin prices fell more than $800 to a low of $2,185.96 less than a week later. However, bitcoin recovered to end the month at $2,499.98, up 7.2 percent for June and having risen 158 percent for the year so far.

The Goldman reports illustrate how mainstream Wall Street is paying much closer attention to bitcoin, despite high volatility and lack of regulation in the digital currency world. This week, bitcoin and the blockchain technology behind it made the cover of a well-respected investing magazine, Barron's.