Goldman Sachs’ analysts Jack Abramowitz and Sheba Jafari released a memo indicating Bitcoin could see a rapid surge to $8k before consolidating just under that price point in the coming days.
“This [recent] break indicated potential for an impulsive advance, one that could reach at least $7,941,” the analysts wrote. “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.”
While these respectable analysts’ projection is certainly promising for the short-term price of Bitcoin, it’s also the latest indication that the Wall Street powerhouse firm is increasingly eyeful of the crypto space.
Jafari, the firm’s technical head, began releasing reports on Bitcoin’s price performance back in June of this year. Reportedly drafted due to client demand, the reports have been billed as a way to offer guidance to Goldman Sachs’ customers on the crypto market.
Ever since, rumors have swirled that Goldman Sachs itself is looking to get involved in the seemingly ever-appreciating Bitcoin.
Last month, The Wall Street Journal published a report alleging that inside sources within Goldman Sachs had confirmed the firm is currently in the process of setting up a cryptocurrency trading operation.
If this report is true, and if this operation goes live, then $8k bitcoins and beyond should be a foregone conclusion. As institutional money continues to strike into the space, upward price pressure should be consistent.
In a new interview on Bloomberg TV, Goldman Sachs CEO Lloyd Blankfein certainly seems to have come around:
“I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat […] Maybe in the new world, something gets backed by consensus.”
— Bloomberg (@business) November 2, 2017
TLDR: Two Goldman Sachs analysts are saying the price of Bitcoin could cap, and then consolidate right under, $8k in the coming days. Hard-fork FOMO could prove them correct.