Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
In a note sent out to clients on Monday, Sheba Jafari, the head of technical strategy at the bank, updated her recent chart work on the cryptocurrency.
The $1,856 to $1,790 area "has the potential to act as strong support," Jafari wrote. "All in all, the balance of signals appear to be shifting to a more positive tone."
Jafari's latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
At the time of her call, bitcoin was trading near $2,550 a coin. She said that bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." It fell a bit further, putting in a low somewhere between $1,758 or $1,852 (depending on which data you use).
Jafari, however, always expected the gains would resume after the correction.
And that they have.
Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285. As to how far bitcoin can go from here, Jafari expects another run at record highs. "The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691."
Bitcoin is up 140% in 2017. It put in a record high of about $3,000 on June 12.
BitcoinGoldman Sachs
I guess this means get ready huh?
That seems to be the case :)
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STOPAwesome! If you could reward me with Steem that would be great as well.
Have a great day!
I used to have 0.25 BTC back when it was $250... If only I invested them on ethereum atm I would have thousands of dollars
It happens to us all. I used to have ETH when it was $13 and sold most of it except for 1.5 coins jajaja.