Bitcoin has gained more than 15% since last week market close. The price of bitcoin top from $4,000 to $4,216 for the first time ever since it drops down to $2,643. The price of bitcoin started to increase after the 1st August fork when the chain split into two creating Bitcoin Cash.
Bitcoin sees the growth of 335% in the year 2017. For which the Sheba Jafari, from Goldman Sachs, wrote to its client that bitcoin has been passing the target of $3,691 an augmentation wave five of this move could take bitcoin as far as possible up $4,827 before a rectification pushes it the distance down to about $2,221. Jafari is one of those who are expecting the price of bitcoin could reach $5000.
The other bitcoin enthusiasts are also looking forward to the bitcoin price rise and the improvement of the software to make the transaction system fast. And as they predicted that bitcoin price will hit $5,000 after the scaling proposal Segwit.
As per the Jafari analysis, the price of bitcoin won’t be stable for much time. According to her the drop around 38.2% could come after the completion of the fifth wave. Due to which the price of bitcoin may bounce back to $3,000.
“At this point, Bitcoin would have to move back under 2,935 (Jul. 21st high/top of wave 1/V) to signal that a top is already in place,” as per the Jafari.