67700
Bitcoin could see a big drop then surge to almost $4,000.
Bitcoin could see a big drop then surge to almost $4,000.

Bitcoin Could Rise Another 52%

Bitcoin Could Rise Another 52%

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% 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,” CNBC reported.
“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% for June and having risen 158% 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.
The Bitcoin is a digital currency, it works like any other traditional currency like euro or dollar, however, the currency is not available in physical form, yet one can use it to buy things online. The main thing about Bitcoin is its decentralization–meaning it is not controlled by any bank.

 

Short URL : https://goo.gl/69F8Zr
  1. https://goo.gl/HLX9gg
  • https://goo.gl/qe81wD
  • https://goo.gl/YLgQbK
  • https://goo.gl/81ito9
  • https://goo.gl/2vY3Kw

You can also read ...

Philippines Growing Faster Than Expected
The Philippine economy grew at a faster than expected 6.9%...
The British economy will hardly expand 0.3-0.4% per quarter through to June 2018, with growth of 1.5% this year and 1.3% the next.
British economic growth will remain tepid over the coming few...
Siemens to Cut 6,900 Jobs
Labor unions have reacted angrily to layoff plans unveiled by...
Italy Braces  for $1b Loss
Italy’s failure to qualify for the 2018 football World Cup in...
The rupee, bonds and stocks rallied after Moody’s upgraded India to Baa2 from Baa3 and said reforms being pushed through by Modi’s government will help stabilize rising levels of debt.
Forget India's economic troubles this year. Moody's thinks...
Malaysia GDP Expands Most in Three Years
Malaysia’s economy expanded at the fastest pace in more than...
IMF Sees Economic Revival in Myanmar
The International Monetary Fund on Friday forecast an economic...
Russia CB  Sees 1.8%  GDP Growth
Russia’s economic growth rates are close to potential, Central...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus