Bitcoin is still going through a corrective stage and is in the $2,000s, down from its high of nearly $3,000. Although that downturn is likely to continue, analysts with Goldman Sachs have released a report indicating they believe the cryptocurrency could rise to nearly $4,000.
Sheba Jafari, Goldman's head of technical strategy, says it's still going through a "corrective 4th wave" that's unlikely to bring it lower than $1,857.
After that point, a rebound is likely and the fifth wave could take it to new heights.
From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I). 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.- Jafari
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