The large economic firm, Goldman Sachs believes that bitcoin could outperform its recent record highs and ultimately go beyond the famed $8,000 mark. With more than 600% growth in this year alone, this number does not seem like it is too far off.
Goldman Sachs believe that the coin could potentially reach that $8,000 mark not too far in the future. According to the technical head of Goldman Sachs, Sheba Jafari, “it exceeded an equality target form the July low at $6,044. 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.”
The coin hit an all-time high early Monday morning on November 6th, where it quickly dropped down and corrected itself. This high is said to be the cause of an announcement from the CME group, one of the world’s largest exchange groups, that stated they would be launching bitcoin futures trading by the end of this year. Since the announcement on the first of the month, the coin has gone up by a staggering $1,000.
The dropping price comes at an incremental time in the coins life as it approaches yet another fork in the network. These forks have proved to be somewhat successful up until this point, as many investors are both questioning the need as well as the legitimacy of it. Since bitcoin has already been forked into bitcoin gold and bitcoin cash, the coin has become the center of heated disagreements on the subject.
Hopefully, legitimacy will be found in the future of bitcoin, and the coin can continue to grow as the price corrects itself further.