It is the season for interesting Bitcoin predictions, that much is evident. Earlier this week, John McAfee made a ludicrous price prediction for Bitcoin. While he feels confident US$500,000 per BTC is not impossible, the rest of the world has a different opinion. Goldman Sachs takes a more modest approach right now. More specifically, the group feels Bitcoin may test US$3,000 again very soon.
The year 2017 has been pretty good for Bitcoin so far. Despite some minor pullbacks, the Bitcoin price remains rather bullish. At one point, the price even hit US$3,000, although that didn’t last all that long. Just last weekend, the price dipped below US$2,000 for the first time in a while. It is evident there is a lot of volatility as far as cryptocurrency is concerned. Then again, one can argue these are mere growing pains on the path to maturity.
Goldman Sachs Feels Bitcoin Will End the Year Strong
Many people remain very bullish on Bitcoin, for obvious reasons. The recent John McAfee price prediction is by far one of the more ludicrous ones we have seen in recent years. Goldman Sachs is keeping things more modest, with a price prediction of US$3,000. More specifically, the institution feels Bitcoin may even test US$3,700 before the year is over. Neither of these targets is impossible to achieve. However, the market still seems rather bearish right now.
So far, Sheba Jafari’s expectations for Bitcoin have somewhat come true. That prediction stated how US$1,856 would act as strong support for Bitcoin. Given last weekend’s dip, that line certainly held its own for the time being. We need price retraces before the upward momentum can continue again. Now that the dip is behind us, it will be interesting to see how the price will respond. It seems there is room for future gains, but they have yet to properly materialize.
It is always interesting to see groups such as Goldman Sachs weigh-in on the Bitcoin price. It is evident the popular cryptocurrency is on the minds of lots of people right now. With financial institutions paying close attention, good things are bound to happen sooner or later. Most of the losses have been recovered by Bitcoin so far, but there is no real “gain” to speak of. The coming days and weeks will be very interesting for the world’s leading cryptocurrency. Rest assured Goldman Sachs will keep a close eye on how things proceed.