While bitcoin might hit $8,000, Goldman Sachs Group Inc. analysts say that could be the last big number we see for a while.
Technical analysts Sheba Jafari and Jack Abramowitz, in a note sent Sunday, caution traders against betting on a surge past that price. The warning follows bitcoin’s rapid rise beyond $5,000 and $6,000 in the past month. Even though the Goldman analysts say we might reach a pause, they’re still optimistic the cryptocurrency will move higher.
“Given that this is just a third of five waves up, the implications are that bitcoin has potential to run further over time,” they said, citing pricing levels tracked by technical analysts under what’s known as Elliott Wave theory.
© Copyright 2023 Bloomberg News. All rights reserved.