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Goldman Sachs Predicts $8,000 Bitcoin

Goldman Sachs Predicts $8,000 Bitcoin

in Bitcoin & Cryptocurrency published on 8, November 2017

Global investment giants Goldman Sachs have stoked further interest in bitcoin markets this week, following the disclosure of their view on bitcoin’s near-term prospects.

After reaching new highs over the last couple of weeks, Goldman analysts are now predicting bitcoin to surge to over $8,000, as the currency continues its relentless long-term ascent in value.

In a briefing note distributed to their clients this week, Goldman Sachs identified the market as having breached current price resistance, and said that they were now viewing an $8,000 price as a near-term objective.

The news comes in the week where bitcoin topped $7,600 for the first time in its history, and despite some pull back in value since, few analysts would now counter the Goldman Sachs perspective.

At the time of writing, bitcoin had recovered ground from an earlier pullback to $7,092 and was trading at $7,370.

In discussion with Bloomberg, Goldman technical analysts Jack Abramowitz and Sheba Jafari said that their findings indicate the price will likely meet resistance at this level.

“This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation.”

The client note is the latest to emerge from Goldman Sachs since the investment bank began the service earlier this year. It comes at a time of increasingly vocal rumors about Goldman Sachs’ intentions, and specifically whether they intend to set up a new cryptocurrencies brokerage in the near future.

But while the bank has been seen as becoming increasingly comfortable with bitcoin and other digital currencies, senior executives are remaining tight-lipped about their plans.

Goldman Sachs CEO Lloyd Blankfein has said that while he is open to exploring new innovations, he remains neutral on the prospects of bitcoin, decoded from more abstract remarks made to Bloomberg last week.

“I’ve learned over the years that there’s a lot of things that work out pretty well that I don’t love.”

 

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