Goldman Sachs says Bitcoin price will drop before bouncing back

in #bitcoin7 years ago

source: https://venturebeat.com/2017/07/03/goldman-sachs-says-bitcoin-price-will-drop-before-bouncing-back/

Even though Bitcoin has been called a bubble, investors who have hungrily watched Bitcoin’s price soar 290% over the past year from the sidelines still have a chance to win big. Or at least that’s according to Goldman Sachs analyst Sheba Jafari.

On Sunday, the banking giant sent a note seen by CNBC that said Bitcoin, now priced at $2,568 a piece, could fall as low as $1,857 before bouncing to a much higher valuation between $3,212 to $3,915. That means if an investor watches the cryptocurrency carefully and times it perfectly, they could gain as much as 110% on their initial investment. Granted, that would take quite a bit of patience, with Goldman acknowledging that “it might take time” to hit $3,915.

If Bitcoin were to hit $3,915, then that would add another $22 billion in market capitalization to cryptocurrency, which is up 53% from Bitcoin’s current market capitalization of $42 billion.

That comes as the cryptocurrency has fallen from a high of just over $3,000 in mid-June, with investors, including Mark Cuban, warning that Bitcoin’s price has already peaked.

This story originally appeared on Fortune.com. Copyright 2017

Sort:  

When was the last time goldman sachs was right on the price of BTC?

When was the last time Goldman issued a statement ahead of the herd?

"Bitcoin will drop before bouncing back..."
"Bitcoin Is Too Volatile..."

... Notice you never read a headline with "Goldman Sachs believes you should invest in Bitcoin"

yeah. they are clueless :)

Coin Marketplace

STEEM 0.21
TRX 0.25
JST 0.039
BTC 95882.33
ETH 3347.19
USDT 1.00
SBD 3.21