In Brief While Bitcoin has been suffering some hard knocks of late, Goldman Sach's senior Sheba Jafari has reassured clients by referring to a 1938 economic theory that sees turbulence as a necessary aspect of growth.

It is a turbulent time for Bitcoin the cryptocurrency has risen to highs of $2,850 and sunk to lows of $1,836 just in July alone. But now, an influential voice has entered into the equation Goldman Sachs, whose chief technician Sheba Jafari has claimed, in a report to clients on Monday, that soon Bitcoin will rise to $3,600.

Jafari wrotethat anything above 3,000 (June 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691.

Wave V refers to the Elliott Wave theory, described in his 1938 book The Wave Principle, which is a means of technically analyzing financial cycles using stages of growth and fluctuation. Wave V indicates the final period of growth in which news is almost universally positive and everyone is bullish.

Despite Bitcoins variable month, which also involved asevere hackand a potentialcrypto civil war being avoided, 2017 has been an astonishingly successful year for the cryptocurrency and cryptocurrencies as a whole, for that matter.

Bitcoin has risen from $997 to todays rate of $2,512, which is an increase of 151 percent. Correspondingly, it is being used ever more for real world applications. It is now accepted as a legal form of tenderin 260,000 stores in Japan, and many countries,such as South Africa, are now considering how to regulate it which is a testament to the cryptocurrencys growth and potential legitimacy.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

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Goldman Sachs Chief Technician Predicts Bitcoin Will Rise to $3600 - Futurism