Increasing interest in the cryptocurrencies has led many Wall Street banks to start following Bitcoin and altcoins.
As per the second prediction from Sheba Jafari, a Goldman Sachs’ Analyst, “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.”
The first prediction from the banking mammoth which came one day after Bitcoin had hit an all-time high of 3,000 on June 11. On June 12, Sheba gave a bearish stance on Bitcoin, that she was “wary of a near-term top ahead of $3,134.” She said traders should “consider re-establishing bullish exposure between $2,330 and no lower than $1,915.”
Post this prediction, Bitcoin went tumbling all the way to $2,100 in a week from June 11 and has mostly traded between 2,100 and 2,550 since the first prediction.
It will be interesting to see what effect the second prediction has on Bitcoin prices in the short term.
KryptoStreet Impact Prediction: Short term positive impact that could be quickly set off by SegWit2X implementation result uncertainties