It is a turbulent time for Bitcoin — the cryptocurrency has risen to highs of $2,850 and sunk to lows of $1,836 just in July alone. But now, an influential voice has entered into the equation — Goldman Sachs, whose chief technician Sheba Jafari has claimed, in a report to clients on Monday, that soon Bitcoin will rise to $3,600.
Jafari wrote that "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."
Wave V refers to the Elliott Wave theory, described in his 1938 book The Wave Principle, which is a means of technically analyzing financial cycles using stages of growth and fluctuation. Wave V indicates the final period of growth in which "news is almost universally positive and everyone is bullish."
Despite Bitcoin's variable month, which also involved a severe hack and a potential crypto civil war being avoided, 2017 has been an astonishingly successful year for the cryptocurrency — and cryptocurrencies as a whole, for that matter.
Bitcoin has risen from $997 to today's rate of $2,512, which is an increase of 151 percent. Correspondingly, it is being used ever more for real world applications. It is now accepted as a legal form of tender in 260,000 stores in Japan, and many countries, such as South Africa, are now considering how to regulate it — which is a testament to the cryptocurrency's growth and potential legitimacy.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.