Wall Street bank Goldman Sachs claims that bitcoin has finished its upward trajectory and that it still has plenty to achieve.
In a note sent out to clients, Sheba Jafari, Goldman Sachs technical head, wrote that the digital currency could run to $8,000, reports Business Insider.
It exceeded an equality target from the July low at 6,044, Jafari wrote. This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation.
Over the weekend, bitcoin reached new heights scaling to $7,617, pushing its market cap value up to just under $127 billion, according to CoinMarketCap. The digital currency’s continued upward rise is due in part to the CME Group revealing that they are planning to launch a bitcoin futures contract by the end of 2017, pending regulatory approval.
The new price hike also comes at a time when bitcoin is to undergo a hard fork on or around the 16th November. Prior to reaching the $7,000 milestone, the question of whether bitcoin could reach this before the hard fork was posed at the end of October. A few days later that question was sufficiently answered. Now, the community is asking themselves if the digital currency can reach $10,000 before the year’s out.
Aside from Jafari others have also been projecting where they think the value of the currency will rise to. Market analyst and founder of Standpoint Research Ronnie Moas thinks that bitcoin will see a value of $11,000 in 2018.
In a note to clients last week, Moas wrote:
Every day more headlines are hitting the newswires on crypto. More countries are embracing it and the few obstacles that were standing in the way are falling down like dominoes.
The analyst is well known in the bitcoin world for setting bitcoin targets. Earlier this year, he predicted that the digital currency would reach $5,000, which it did, before changing his figure to $7,500. As the cryptocurrency continues its upward trajectory Moas has once again revised his earlier figure, changing it to that of $11,000. It remains to be seen whether or not the Standpoint Research founder is correct and what the New Year holds for the digital currency.
However, given the fact that the CME Group has revealed that it will be launching a bitcoin futures contract by the end of the year could be one factor that enables bitcoin’s value to go up further.