Bitcoin price (BTC/USD) set to reach new highs around $8,000, Goldman Sachs says

on Nov 7, 2017
Updated: Mar 11, 2020

The Bitcoin price (BTC/USD) is on track to reach even further highs, as part of its current rally, according to Goldman Sachs’ top technical analyst.

Sheba Jafari, vice president on the FICC Market Strats team, wrote in a note to clients on Sunday that the original cryptocurrency was set to rise to nearly $8,000, at which point the rally might reach a pause.

“The market has shown evidence of an impulsive rally since breaking above 6,044,” Jafari said, as quoted by CNBC. “Next in focus [$]7,941. Might consolidate there before continuing higher.”

Jafari, who has made several accurate forecasts regarding Bitcoin’s price in the past, also said this was “just a third a third of five waves up” for the cryptocurrency, suggesting that “bitcoin has potential to run further over time”.

Moas raises price forecast

Meanwhile, Standpoint Research’s founder and Bitcoin supporter Ronnie Moas has significantly raised his 2018 forecast for the Bitcoin price. In July, Moas predicted that Bitcoin would double its value to $5,000 apiece in 2018. Less than a month later he revised his target to $7,500 by this year’s end.

While those predictions were viewed as quite bullish at the time, they seem conservative in the wake of the latest Bitcoin price rally, which led the cryptocurrency to a new all-time high of $7,617.48 on Sunday.

Having taken into account the latest market developments, Moas now expects that Bitcoin will hit $11,000 next year.

“Every day more headlines are hitting the newswires on crypto. More countries are embracing it, and the few obstacles that were standing in the way are falling down like dominoes,” he said, as quoted by The Cointelegraph.

Monday pullback

After reaching a fresh all-time high in the previous session, the Bitcoin price saw a significant pullback on Monday. The cryptocurrency just barely held above $7,000, after falling to an intraday low of $7,007.31 and closing at $7,022.76.

In today’s trading, the Bitcoin price stood at $7,242.13, as of 09:06 GMT. The cryptocurrency has lost 1.6% of its value in the last 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.