Bitcoin closes in on $2,600 USD following recent rally; Goldman Sachs predicts 50% surge

The price of a single bitcoin is currently sitting at $2,593.52 USD, or $3,373.52 CAD, as of 5pm, ET, Monday – up 2.5% against the US dollar in 24 hours, according to data from CoinDesk.

Ethereum is at $365.51 CAD at time of press, down 2.6% in 24 hours, though still up roughly 4,000% year-to-date.

Bitcoin made headlines again today following Goldman Sachs’ prediction that the cryptocurrency could rise another 50% to reach $4,000 USD a coin.

Chart analyst Sheba Jafari made the prediction which was included in a note on bitcoin within a report on charts for the week ahead.

Jafari said bitcoin could rise in a fifth "wave" of gains.



"The market is in wave [four] of a sequence that started in the late-'10/early-'11 lows," wrote Jafari in a Sunday report on charts for the week ahead.

We are "eventually expecting one more leg higher; a 5th wave," he continued.

Uncertainty regarding bitcoin’s future has kept the coin’s movements bearish of late and updates to the bitcoin network scheduled for release in the next several weeks could split the digital currency in two if developers can’t agree on how to make the updates compatible with each other.

To clarify, Jafari did acknowledge that "fourth waves tend to be messy/complex" meaning bitcoin could continue trading in a range and potentially fall close to $1,857 before recovering.

So, if Jafari’s claims are anything to go by, now might be a smart time to invest.