After soaring $2,000 in a week, investors are left wondering when price will pause to consolidate.
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.”