Goldman Sachs: This is Bitcoin’s Sweet Spot
Even though Bitcoin has been called a bubble, investors who have hungrily watched Bitcoin’s price soar 290% over the past year from the sidelines still have a chance to win big. Or at least that’s according to Goldman Sachs analyst Sheba Jafari.
On Sunday, the banking giant sent a note seen by CNBC that said Bitcoin, now priced at $ 2,568 a piece, could fall as low as $ 1,857 before bouncing to a much higher valuation between $ 3,212 to $ 3,915. That means if an investor watches the cryptocurrency carefully and times it perfectly, they could gain as much as 110% on their initial investment. Granted, that would take quite a bit of patience, with Goldman acknowledging that “it might take time” to hit $ 3,915.
Read: Can Bitcoin’s First Felon Help Make Cryptocurrency a Trillion-Dollar Market?
If Bitcoin were to hit $ 3,915, then that would add another $ 22 billion in market capitalization to cryptocurrency, which is up 53% from Bitcoin’s current market capitalization of $ 42 billion.
That comes as the cryptocurrency has fallen from a high of just over $ 3,000 in mid-June, with investors, including Mark Cuban, warning that Bitcoin’s price has already peaked.
