Goldman Sachs Predicts Bitcoin Price Consolidation Around $8,000 Before Continuing Up

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The break-neck speed rally of Bitcoin has left investors wondering where Bitcoin would finally stabilize. Goldman Sachs believes that $8,000 would be the consolidation level for the current rally.

Where does rally stop?
Bitcoin’s price may have smashed through the $5000, $6000 and $7000 levels over the past few weeks, but technical analysts expect it to go higher. The level at which consolidation is expected to occur is $8000, according to Goldman Sachs.

In a note to investors, Goldman Vice President Sheba Jafari wrote:

“The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher.”

Long term trend is up
While Goldman Sachs has cautioned against traders expecting a rapid surge past $8000, they expect it to go higher after some consolidation.

Referencing Elliott Wave Theory, Jafari writes:

“Given that this is just a third of five waves up, the implications are that bitcoin has potential to run further over time.”



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