Nearly $4,000! Goldman Sachs predicts Bitcoin could rise another 50%

Despite Bitcoin's recent ups and downs, Goldman Sachs remains optimistic in the long term.
Nearly three weeks ago, Goldman Sachs' first Bitcoin research report was still bearish on Bitcoin, believing that the short-term rally had come to an end. Last Sunday, Sheba Jafari, Goldman Sachs' chief technical analyst, predicted in a report looking ahead to this week that Bitcoin could eventually rise to $3,915, more than 50% higher than the price Bitcoin traded at on Monday.

Jafari believes that Bitcoin is currently in the fourth wave that began at the lows of late 2010 and early 2011, and will eventually rise further and usher in the fifth wave.

From the current level, if it is equal to the length of the first wave, the minimum target of Bitcoin is $3,212, and it may extend to $3,915, which is 1.68 times the length of the first wave. It may only be a matter of time before it reaches that level.

However, Jafari predicts that before the big rise, Bitcoin may still go lower. The fourth wave is often chaotic and complex. Bitcoin may continue to trade in a certain range and may fall to close to $1,857.

CoinDesk data shows that Bitcoin has experienced great ups and downs in recent weeks: it reached a record high of $3,025.47 on June 11 this year, and fell more than $800 to $2,185.96 a week later. It has rebounded since then, with a cumulative increase of 7.2% in June and a cumulative increase of 158% so far this year.

Due to the resurgence of ransomware, Bitcoin fell more than 5% during trading on Tuesday. Wall Street people have different views on the investment prospects of Bitcoin and other digital currencies.
Wall Street News Gold Headlines mentioned last week that after the sharp drop in digital currency prices, Novogratz, the former fund manager of Fortress Investment, reduced his holdings of Bitcoin and Ethereum. He believed that Ethereum had reached its high point this year.

But Novogratz insisted that 10% of net assets should be invested in digital currencies, and said that after the regulatory environment is improved, the market value of digital currencies may reach 5 trillion US dollars within five years, and Bitcoin may become a wealth storage tool similar to gold.
Well-known investor and gold expert Dennis Gartman said that despite the recent selling pressure, he is "very impressed" with the performance of the precious metal, especially when another commodity, crude oil, is sliding.

Gartman expects gold to hold steady, and that Bitcoin's bullishness wasn't a problem a month ago, while last week's big breakout showed that Bitcoin's market fundamentals are fragile.