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Wednesday, November 8, 2017

Crypto News: Goldman Sachs: Bitcoin Will Consolidate at $8,000 Before Rising Even More

Goldman Sachs: Bitcoin Will Consolidate at $8,000 Before Rising Even More

Earlier this month, Bitcoin continued its upward trend by reaching a new record high, breaking the $7,000 barrier. Unprecedented it may be; but now Goldman Sachs has issued a prediction that the cryptocurrency will consolidate somewhere around a value of $8,000.

Sheba Jafari, the vice president of the Goldman Sachs FICC market strategies team, made the forecast over the weekend. “The market has shown evidence of an impulsive rally since breaking above 6,044,” she wrote, according to a report from Coin Telegraph. “Next in focus $7,941. Might consolidate there before continuing higher.”

However, we should note that Jafari made very different predictions for the future of Bitcoin only a few months ago. In August she suggested that the currency could hit a high of $4,800 – but that it would subsequently dip down to somewhere in the region of $2,200.

Jafari no longer believes that a major downturn is on the cards for Bitcoin. After a brief period consolidating around $8,000, she projects that it will increase in value even further – and given the increases we’ve seen over the course of this year, it’s perhaps unsurprising that he’s reticent to set an upper bound.

Full story at

Source: Futurism

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