Goldman Sachs: Bitcoin could rise another 50%

posted 19 days ago
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."
Tags: opinion, bitcoin