Bitcoin risks consolidation as $8,000 approaches, Goldman Sachs says

New York: While Bitcoin might hit $8,000 (Dh29,384), Goldman Sachs Group Inc analysts say that could be the last big number we see for a while.

Technical analysts Sheba Jafari and Jack Abramowitz, in a note sent Sunday, cautioned traders against betting on a surge past that price.

The warning follows Bitcoin’s rapid rise beyond $5,000 and $6,000 in the past month. Even though the Goldman analysts say the cryptocurrency might reach a pause, they’re still optimistic it will move higher.

“Given that this is just a third of five waves up, the implications are that Bitcoin has [the] potential to run further over time,” they said, citing pricing levels tracked by technical analysts under what’s known as Elliott Wave theory.