Goldman To Nervous Bitcoin Traders: Be Patient, The Next Surge Will Take It Above $3,600

Prompted by growing interest among the hedge fund community, Goldman is dedicating increasingly more “bandwidth” to covering bitcoin, and judging by the bank’s bullish bias, most of the “smart money” appears to be long the cryptocurrency.
In a report posted overnight by Goldman’s chief technician Sheba Jafari, she writes that since “Bitcoin is still within the limits of a well-defined range, it may need another few swing within the range before resuming its underlying trend” higher. Eventually, after some potential volatility that could send it as low as $1,786 “but not much further from there”, Goldman expects the original cryptocurrency to surge to a “minimum target at 2,988 and scope to reach 3,691.”
Here is the full text of how Goldman reassures its nervous clients, many of whom appear to have bought BTC near its recent all time highs, that record highs in bitcoin are just a matter of time:

This post was published at Zero Hedge on Jul 24, 2017.