Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst

Although bitcoin price has grown 3x at peak levels this year, better gains are yet to come, according to Goldman Sachs’ chief technician.

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Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on the very first day of January, bitcoin price reached an all-time high of $3,000 in mid-June. The remarkable rise amid an overall boom period for cryptocurrencies has seen skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.In a note sent to clients, Sheba Jafari – Goldman Sachs’ head of technical strategy predicts bitcoin to climb higher, ultimately getting near $4,000.Jafari, who was persuaded into covering bitcoin by Goldman Sachs’ clients recently, sees the current corrective course to tread longer with upward gains to be the ultimate outcome.Jafari, who is also the vice president of the investment bank’s securities division, sees bitcoin “still in a corrective 4th wave”, as reported by the Business Insider.

That fourth wave “shouldn’t go much further (lower) than $1,857”, the head analyst told her Wall Street clients.The upcoming 5th wave is to take a bullish turn, according to her analysis