Bitcoin Monthly Outlook October 2017
Goldman Sachs analyst and head of technical strategy, Sheba Jafari, just predicted that the price of bitcoin might soar as high as $4,800. First, as an asset class bitcoin is still a relatively small one. Also one that is unlikely to be available for every investor. When all investors, that together hold the global multi-asset portfolio as mentioned above (total value USD 106 trillion at the end of 2016), want to invest 1% of their portfolio in bitcoin, its market value would have to grow another 11-fold (to USD 1.06 trillion) instantly to make that possible. And this is without taking account the strong returns of most asset classes this year.
Elimination of the uncertainty of a future hard fork was also a driving factor propelling the bitcoin price because it built confidence around investment and the market. Once traders started to express confidence in bitcoin’s ability to scale, the bitcoin price began to surge. During last week’s strong rally, bitcoin established a new all-time high at US$4,510.t0ph4n