What is volatility? Goldman Sachs: Be patient and Bitcoin will rise above $3,600

Having said goodbye to the risk of hard forks, Goldman Sachs is bullish on Bitcoin again, predicting that after a few more fluctuations, it may set a new high and reach $3,600.
Sheba Jafari, chief technical analyst at Goldman Sachs, wrote in a report released last Sunday that Bitcoin is still trading in a well-defined range and may need "a little vibration" within the range before resuming the underlying trend higher. Bitcoin may see some fluctuations, possibly as low as $1,786, but will not go much further from this low. The minimum target price of Bitcoin is $2,988, reaching $3,691.
Wall Street News previously mentioned that earlier this month, Jafari optimistically predicted that Bitcoin is in the fourth wave that started from the lows in late 2010 and early 2011, and will eventually rise further and usher in the fifth wave, when the minimum target will be $3,212, and it may reach $3,915. The fourth wave is often chaotic and complex, and before the big rise, Bitcoin may still fall, and may continue to trade in a certain range and fall to close to $1,857.
Jafari mentioned the fourth wave again last weekend, saying that it is not uncommon for the fourth wave to be complex and time-consuming. She admitted that the market still cannot break through the key high of $3,000 reached on June 13 this year.
Based on Jafarti’s speculation on the triangle pattern of Bitcoin’s trading price, Bitcoin may either pull back to the bottom of $1,852 or it may fall to $1,786, but it will not fall much further.
Jafari reminded that any performance of Bitcoin breaking through $3,000, the intraday high on June 13, indicates that the fifth wave may have begun, and Bitcoin's minimum target will reach $2,988, and it may reach a new high of $3,691, which is equivalent to an increase of more than 3% from Bitcoin's opening price on Monday this week.
Jafari expects that the Bitcoin market will be in the process of adjustment until there are real signs of a wave of higher prices. This is another recent praise for Bitcoin by Goldman Sachs.
Last Thursday, Goldman Sachs released a bullish research report on virtual currencies, believing that the threat of Bitcoin's "Civil War" seems to have ended. The media said that miners seem to have decided to support the new version of Bitcoin. On the same day, Bitcoin broke through the 17,000 yuan mark, and the intraday increase in US dollars exceeded 17%. Ethereum, which fell 17% on Wednesday, rose more than 10%.
Last Friday, the media reported that in the past 24 hours, 93.8% of Bitcoin miners have supported BIP 91, which means that Bitcoin hard fork may not occur. As a result, Bitcoin hit $2,949 on Friday morning Beijing time, approaching its historical high of $2,999.
According to Coindesk data, Bitcoin once rose to $2,813.97 on Monday, with the highest intraday increase of nearly 1.9%, and then the increase narrowed. As of press time, Bitcoin hovered below $2,780, up about 0.5% on the day.