Reversing a bearish outlook for the price of bitcoin, Goldman Sachs chief technician Sheba Jafari told clients in a new report this week that the cryptocurrency may reach a new high over $3,600 soon.
As profiled by Business Insider, the movement is in line with Jafari’s earlier analysis, reported on June 13, when she suggested the price would temporarily drop below $2,000, only to then turn bullish.
Indeed, since surpassing its all-time high over $3,000 on June 12, the bitcoin price tumbled to as low as $1,836 on the CoinDesk Bitcoin Price Index. Shortly thereafter, it hit a one-month high across major exchanges amid progress on its technical roadmap.
With this much foreseen, Jafari now believes the price of bitcoin is in for a period of fluctuation, at least until a new wave of price growth begins.
“Anything above 3,000 (June 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691,” Jafari wrote in the note.
Goldman Sachs image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].
