Well, according to Goldman Sachs, we should expect to see a drop and then a sizable pop.
According to notes out by lead chart analyst Sheba Jafari, we could likely see Bitcoin reach a high of $3,915 in the near future.
That marks roughly a 50% return from current Bitcoin prices.
Bitcoin is currently in the 4th wave of a potentially 5 wave move that started in late 2010/early 2011.
It's not all roses though...
Jafari said he fully expects to see the price decline rather substantially from current levels first.
According to Jafari, Bitcoin is currently in the 4th wave of potentially a 5 wave move. The 4th wave can be pretty messy and he fully expects the price of Bitcoin to decline to around $1,900 with the price likely not trading below $1,857. That would be roughly a 25% drop from current levels.
From there Jafari sees Bitcoin rallying hard all the way up near $4,000 per coin, or $3,915 to be exact, which would mark roughly a 100% return for anyone able to get in near those lows he is predicting.
Here is a look at the chart he is using to make his predictions:
According to Jafari:
"From current levels, this has a minimum target that goes out to $3,212 (if equal to the length of Wave I). From there, there's potential to extend as far as $3,915 (if 1.618 times the length of Wave I). It just might take a little time to get there."
As you can see, he is looking at a minimum target of around $3,200 and a maximum target of around $4,000. Either way, he is calling for new highs from Bitcoin in the coming weeks and months.
Charts lining up with major news announcements?
With the soft fork set to take place on August 1st, there is a lot of uncertainty around the price of Bitcoin and around the entire cryptocurrency space in general.
It is very possible that as we get closer to that date, traders and investors take some money off the table. Perhaps dropping the price down to around that $1,900 price point Jafari is calling for.
Then, once we get passed that date and people find out the world did not end, money could likely come flooding back into the coin, driving it to new all time highs and possibly all the way near that $4,000 number referenced by Jafari.
Basically, whether one is looking at the charts or just thinking about how people might react to major news events coming up, I think Jafari and Goldman present a very reasonable and likely prediction for what they think Bitcoin may do in the coming weeks and months.
*Caveat: No one has a crystal ball, Goldman included. So, make sure you take everything you read about price predictions with a grain of salt and understand that no one can predict the future.
Stay informed my friends!
Sources:
http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-7
http://www.cnbc.com/2017/07/03/goldman-sachs-says-bitcoin-could-rise-another-50-percent.html
Image Sources:
http://www.cbsnews.com/news/donald-trump-ensures-goldman-sachs-influence-lives-on/
http://www.businessinsider.com/bitcoin-price-goldman-sachs-2017-7
http://www.reddirtreport.com/prairie-opinions/conservative-view-%E2%80%93-who-needs-crystal-ball
Follow me: @jrcornel
Was Goldman Sachs ever right with their prediction? ^^
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i was thinking the same
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True @coinlend. Most of the time banks give proce predictions it is for them to sell into. They were buying around 2K though and 3K looks to be in play soon. That is a near term price target to sell into. Then wait for the test of this current breakout to buy more.
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Is Goldman Sachs taking the opposite position of their rec and getting ready to screw their clients...yet again? !!
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If Bitcoin pulled back 25% it would scare the sh*t out of most people, but the rest of the people that have been in long term will treat it as a buying opportunity..... BUY, BUY, BUY
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I think we probably will have a bit of a correction for the entire market, if crypto keeps chugging like it always has after that (no reason to think it wont) we will move up again. Im basing this on the similarities to the 2013 bubble. However to be honest we never really know what could send the market into panic or into a buying frenzy, so I wouldnt bet on that being a sure thing.
A bit Unrelated but I would express caution to many buying Ethereum if there is a market correction. Many of the companies that raised via ICOs are still holding the ETH and although many promised they wont dump it on the market, if we see a 50% correction they might liquidate it as fast as they can. They are now setting their budgets and they are relying on having that money for the future. They need an operating budget so most of the ICOs wont hold long term.
The biggest obstacle bitcoin has to overcome at the moment will be watching how a UASF either fails or succeeds come August 1st. This pressure might trigger a fork, then all bets are off, we dont know what will happen. I dont see segwit2x happening or any consensus being met. Miners could push through Segwit2x, but the hardfork part of the agreement will most likely never happen.
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Crypto is unpredictable. These guys at Goldman Sachs are jabronies.
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So true - if that bunch of bullshit artists could make an accurate prediction for the next 24 hours, about anything, let alone cryptos, they could consider doing an honest days work!
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It wouldn't be in their blood to do an honest days work unfortunately. :-(
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Until we get past the fork safely we will just consolidate. After, it will be a big swing either way, however it goes! lol
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I agree. Although I think it will likely go up after the fork, pretty much regardless of what happens, well as long as nothing completely unforeseen and unexpected happens. As the uncertainty dissipates, the price appreciates! See what I did there?! :)
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I second that. Here's looking for some big price movement early to mid August
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No one can predict movement of any wide spread malleable liquid asset. If you have yourself an asset that moves without support you are a very lucky person. There is no side of markets that gives you 100% assertive knowledge you're going the right way up a possibly hard treaded path.
You have only yourself for knowledge and you can hope what you have for intelligence could withstand the markets various possibilities.
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I would be interested to see his chart compared to the actual chart in 6-12 months. I have seen hundreds of charts predicting everything from drop to zero to highs of 10k etc. However, I have never seen anyone make predictions, then revisit those and compare to the actual chart once it has occurred!
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I agree, sometimes it appears that people just make as many predictions as they can so they will be guaranteed to get one or two of them right.
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and most people wont bother to check if they were right or not, yet they can show off the charts of when they called it, whilst quietly ignoring the 75% where they got it wrong!
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Ya, it's a sketchy move.
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I hear you. No one can predict the future and even the professionals are wrong more often than they are right, however, they are still probably better than most. Goldman can likely influence markets to make or break their predictions as well in smaller markets like crypto...
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That's true. If enough people are following and believing them it becomes a self fulfilling prophecy!
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Not sure if they're a source I trust, but I definitely hope they're right!
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I see Bitcoin around 5k in near future!
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Get ready for bitcoin holders
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You got a new follower. Upvoted.
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Awesome. Thanks. Looks like this was from 2 years ago?
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SegWit has served others well, price wise. I don't think any of the SegWit activated coins have fallen in price - just the opposite, and notably. I would expect that to continue to be favorable for BTC too, but that's just my opinion.
Also commented here my thoughts on 4 wave possibilites.
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The ~$1,900 BTC price will likely come into play as we move towards the end of July as fear of the unknown starts to really come into play causing many people to dump their positions during this time. The ~$4,000 price will likely come into play as this fear cycle subsides shortly after this point as people come to their senses and start to understand that a Bitcoin hardfork may not necessarily be needed and is unlikely to happen any time soon, which will push the BTC price up quite drastically during the following months, especially mid August and into September. I will personally be mainly positioning myself in LTC for the short term leading up to August 1st, and will likely re-position myself into mainly BTC near the end of the fear wave and ride that sucker up from there over the next few weeks.
Anyways just my 2 cents...
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Those mirror my own thoughts as well. Well aside from the positioning myself in litecoin part. I don't pay attention to anything outside of BTC Ether and Steem.
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In my opinion LTC is extremely undervalued right now and may very well have a bit of a jump over the next few weeks, especially as more and more people realize that BTC in the long term is aiming more to be used as a store of value or for large transactions (kind of like a savings account, similar to gold), while LTC on the other hand is designed to be used more for day to day transactions or pocket change (kind of like a checking account, similar to silver). With this the use case for LTC will become more apparent and its actual intended ratio to BTC will start to take place (should be closer to a ~4:1 ratio but is currently sitting at ~55:1).
As for Steem I think it is a good hold in the medium/long run, especially when you transfer it into Steem Power for the short term to collect the interest to offset the new Steem being added into circulation over time.
As for Ether, I think it has tons of potential, but while all these ICO's are still coming out almost daily it is a bit to speculative for my liking. I personally don't like when a coin/token moves up or down not based on what it does itself, but more-so on what other coins/tokens do which impact them. Basically Ether is currently to effected by what ICOs are happening or recently happened then anything else, and because of that I tend to avoid positioning into it (at least for the time being).
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I guess this time Goldman Sachs is partially correct, I dont see a bear movement to that kind of drop, but yes, the bull run has started regardless of the UASF, bitcoin will run to $3800 by end of 2017.
https://steemit.com/bitcoin/@shrirang/goldman-sachs-michael-novogratz-bitcoin-set-for-a-bull-run-to-usd3915
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That is their call as well, but they don't think it will be without a few bumps in the road :)
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I expect volatility in near future!
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It does has a chance and I am most certainly hoping it will :D
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Its been a fun roller coaster ride so far!
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I'm not worried about a price drop because I'm sure btc will go up again...it takes as long as it takes...
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Yep, that is pretty much what they are "predicting" as well...
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Like GS is suddenly a cryptocurrencies expert. They certainly know how to make $ with other people's $. Other than that....
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Well a chart is a chart and price action is price action... no matter what you are trading. Price action is all they are commenting on here...
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Agree- but I doubt their predictions will fare better than the average.
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Great post thanks for the update !
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I will stick and stay, I'M sure it will get greater later!!
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Would be interesting for the traders, but imho better to just hold.
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Very informative!
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I will buy when the price drops a bit more. The only strategy is to not invest what you can't afford to lose, buy when it's low and hold it as long as you possibly can until it reaches what ever your goal is. The prediction are good but they are just that prediction. I would like to know who is correct about all these different forecast about who much the price of bitcoin will eventually be worth.
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I'm still learning all the in's and out's but I am excited!!!
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It might be even longer until the price goes up depending upon the news from China. Can't wait for the sales period to start hehe
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What does that start? I had read a few things about sales being allowed again on some exchanges a little while back...
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Oh I should've put "sales" like this meaning low price season.. just trying to funny and hopefully a happy owner of a few cheaper bitcoins before the hype wave hits again.
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No one knows anything about where the market is going to go. We are all just projecting what we want to see happen.
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Do those waves or pieces of analysis make any sense at times where the hard fork is possible and mighty forces are at play that could sway the markets in a most unpredictable fashion? This guy'd better flip a coin, for aught we know. But, of course it may be true that on a larger scale or timeframe the waves and TA still work )
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Wow, it sounds amazing but I am still scared but all my economies are invested in BTC! I have like 4 BTC and I don't know when to cash out..
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Ofcourse, no one can predict the future. But sometimes, analysts are near the truth.
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I agree. They are right more often than most, although they still aren't that great at it :)
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If this holds true then all of the people who think that bitcoin has topped out and that there's no money left to be made would be....wrong?
I think a more likely answer than a crystal ball would be that Goldman Sachs has a hand in shaping monetary policy. Their "predictions" seem to be more often accurate than not.
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Good point. I think that is especially true in "smaller markets" like say a crypto market where they can influence things a bit more. They certainly have enough money to drop the price and then get it rallying again if they should chose to...
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I'm waiting for them to start selling "paper" crypto like they did with gold.
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Crypto certificates? :)
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They are managing to sell gold certificates. From what I understand, there are about 10X more certificates sold than there is gold. Why not crypto too?
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Very interesting. At this point i think that bitcoin will test the $2640 level. This will be very critical for the next moves.
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That could happen as soon as today, or perhaps tomorrow :) Then what?
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You already have mention this in the post: "Jafari and Goldman present a very reasonable and likely prediction..." I will also add to this that Bitcoin has to prove that there is sufficient global demand for it, and its price rises steadily over time.
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Why is goldman sache predicting about bitcoin ... Do they have a very sizable investment in it ?? I think not and even if they do they won't tell .. So why get into somebodys elses buisness and stir the pot ??
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Great considerations. Please checkout my thoughts on steem and what I'm calling the Rent Effect https://steemit.com/steem/@gktown/gk-s-theory-on-why-the-price-of-steem-is-likely-to-double
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Cryptocurrency in a nutshell:
The future is exciting. In fact...it's so bright, you better wear shades ;)
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Great point and yes that does basically sum up what Goldman is saying as well. Nice catch!
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Sound advice - in it for the long run...
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resteemed and upvoted!
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All eyes on the up-coming fork. Since he doesn't consider the fork as a factor involved in the price change, I don't think it'd be wise to rely on the chart.
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Crypto currency is the future. In my humble opinion.. :P
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Interesting post thanks. I think there could well be a further drop in the price of Bitcoin. On the daily chart, a head and shoulders pattern has formed. Will the pattern play out or will it fail? Hasn't really given a clear indication of which way it will be headed. I wrote a post about it Crypto Charts Analysis #1 Bitcoin 4th July 2017
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This would be nuts! Does anyone see a $10,000 Bitcoin in the next 1-2 years?
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Good analysis. I will wait before it hits sub $2000 before I pull the trigger on getting some more BTC.
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Interesting article. The fork make sure sense to have some affect. But, ultimately it's some banker that wanted to put out some influence for who knows what motivation. Predictions lately don't usually pan out in this weird- world we live in.
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Very interesting!
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I totally agree with Goldman Sachs on this one and I have been aware of that we are approaching the $1800 level for weeks. However, I am less sure of the subsequent surge to $3900, but I guess it is possible.
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