Goldman Sachs says Bitcoin price will drop before bouncing back
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
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 :)