Goldman Sachs Eyes Bitcoin Price Near $4,000 in Latest Analysis
Bitcoin markets could rise as high as $3,900, according to a recent client note from investment bank Goldman Sachs.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KAQXMRHWVFC3LIAJF6DDUWITDM.jpg)
Bitcoin markets could rise as high as $3,900 in the future, according to a recent client note from investment bank Goldman Sachs.
The note from the bank's chief technician, Sheba Jafari, published by financial news site Zero Hedge, argues that bitcoin "could consolidate sideways for a while longer", highlighting a possible low of $1,857 and "eventually targeting" a figure of $3,212.
The analysis from Goldman comes weeks after Jafari published a more bearish analysis of the digital currency's prospects. It was around that time when bitcoin markets briefly surpassed the $3,000 mark. According to the CoinDeskBitcoin Price Index, prices reached an all-time high of $3,018.55 on 11th June. At press time, markets are currently trading around $2,595.
In the note, Jafari posits that bitcoin markets are in the fourth "wave" of a sequence that dates back to late 2010. As for what comes next, Jafari acknowledges that fourth waves "tend to be messy/complex".

Jafari goes on to write:
“Either way, eventually expecting one more leg higher; a 5th wave. From current levels, [bitcoin] has a minimum target that goes out to 3,212 (if equal to the length of wave I)," Jafari wrote. "There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there."
Images via Goldman Sachs, Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.