Goldman Sachs: Bitcoin May Reach New High Over $3,600

Reversing a bearish outlook for the price of bitcoin, Goldman Sachs chief technician Sheba Jafari told clients in a new report this week that the cryptocurrency may reach a new high over $3,600 soon.

As profiled by Business Insider, the movement is in line with Jafari's earlier analysis, reported on June 13, when she suggested the price would temporarily drop below $2,000, only to then turn bullish.

Indeed, since surpassing its all-time high over $3,000 on June 12, the bitcoin price tumbled to as low as $1,836 on the CoinDesk Bitcoin Price Index. Shortly thereafter, it hit a one-month high across major exchanges amid progress on its technical roadmap.

With this much foreseen, Jafari now believes the price of bitcoin is in for a period of fluctuation, at least until a new wave of price growth begins.

"Anything above 3,000 (June 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691," Jafari wrote in the note.