Bitcoin Rising Again
Business Insider reports that Goldman Sachs Analyst and Head of Technical Strategy, Sheba Jafari, sent a client note on Sunday predicting that the price of bitcoin might soar as high as $4,800. Jafari set a target of $3,691 in late July, which the cryptocurrency came very close to Sunday, and has since surpassed it. On August 12 the price surpassed $4,000 for the first time.
With these milestones in the rearview mirror, Jafari predicted that the price might rise as high as $4,827. This would precede a market correction, however, which would push it back down to $2,221.
Business Insider reports that CEO Arthur Hayes of the bitcoin derivative exchange BitMEX agrees with Jafari that bitcoin might near the $5,000 level. Hayes spoke to Business Insider soon after the recent Segregated Witness (SegWit) software update, which is intended to make transactions with the currency quicker to process and improve the coin's scalability.
At the time of this publication, the price of bitcoin remains above $4,000, at about $4,059. According to CoinDesk, Goldman Sachs has been advising clients that money is moving into the market: “Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching.”
As the future of traditional markets wanes in uncertainty, the welfare of nascent cryptocurrencies is sure to be of critical importance, in the wide world of finance.
Several members of the Futurism team are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.