While many analysts have been expecting Bitcoin’s recent price doldrums to continue for some time, one market analyst is projecting growth that could see the world’s most well-known digital currency rise another 50% above its current price. Goldman Sachs analyst Sheba Jafari offered that assessment in a recent note that received coverage from CNBC and other news outlets.
If Jafari’s projections are accurate, Bitcoin’s price could temporarily decline to a possible low of around $1,857 as the current market correction continues. At that point, she suggests that the market’s fourth wave will make way for an anticipated fifth wave that could see prices rise to as much as $3,915.
Bitcoin's price currently stands at $2,628 as of late Monday evening. A rise to more than $3,900 would also see a corresponding increase of roughly $22 billion in the cryptocurrency market cap.
Jafari’s assessment should come as welcome news to investors who have been inundated with negative projections in recent days. Many, like billionaire investor Mark Cuban, have previously suggested that Bitcoin is in a bubble – and those comments have clearly had an impact on wary investors. While Bitcoin’s price had topped the $3,000 mark in mid-June, the price has fluctuated between $2,100 and $2,600 in recent weeks.