Bitcoin price to reach $8000 says Goldman Sachs analyst

Business Insider recently reported that Goldman Sachs’ chief technician, Sheba Jafari, recently sent out an email to the firm’s clientele in which he stated that Bitcoin is likely to reach $8,000 soon.

In the email, Jafari stated that Bitcoin has surpassed its initial target of $6,044 during July. This, according to Jafari, was indicative of an impulsive advance which could very well encourage the cryptocurrency to reach up to $7,941. However, Jafari cautioned that once this price is reached, it will be in a position subject to consolidation.

According to the indexes reported by coinmarketcap.com, Bitcoin’s price stood at $7,201.20 on Tuesday morning, after experiencing a 3.19% drop within the previous 24 hours.

The Bitcoin price hit a record-breaking high this last Monday, shortly after the CME Group announced that they intend to implement Bitcoin Futures into its platform before the end of the year. Since this announcement, the Bitcoin price has risen with over $1,000.

Several analysts and experts have speculated that the upcoming Segwit2x fork, which is scheduled for 16 November, is likely to encourage an increase in price. According to the Polymath CEO, Trevor Koverko, potential investors are likely to buy Bitcoin shortly before the fork, in the hopes of getting more Bitcoin. Moreover, certain traders are attempting to exploit the benefits of the pre-fork craze, and will likely pull out shortly before the fork is official.

The upcoming Bitcoin fork was somewhat divisive in the Bitcoin community, as Bitcoin will once again split into additional cryptocurrencies. Two other forks occurred in 2017: Bitcoin Cash and Bitcoin Gold. The upcoming Segwit2x fork would essentially double the current existing number of coins.

According to the cryptocurrency analyst, Willy Woo, the Bitcoin price is likely to become subject to a correction shortly after the Segwit2x fork. Woo is not the only analyst issuing the caution. For the past few months, analyst Tom Lee has cautioned users that the upcoming fork could cause a potentially damaging price correction.

However, several other experts seemed to see no cause for alarm, especially considering that the market has had enough time to get ready for the impending fork.

Coinmarket.com reports confirm that since June this year, Bitcoin has steadily cemented its dominance in the cryptocurrency market. Currently, Bitcoin accounts for 60.61% of the global cryptocurrency market cap, while Ethereum accounts for 14.34%.