2 min read
The analysts at Goldman Sachs are predicting that the new price of Bitcoin could be as high as $8,000 dollars. The prediction was noted in a report shared with their clients earlier.
According to media outlet Bloomberg, the report came as a result of Bitcoin price surge to $7,600 dollars. Technical analysts Sheba Jafari and Jack Abramowitz said,
“This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation,”
At the time of writing this, Bitcoin is being traded at $7,186 according to cryptocompare platform. Now that the hard fork of Bitcoin has been suspended, there is an air of certainty in the cryptocurrency world. A lot of people are calling for the celebration as the hard fork is suspended as a result of lack of consensus.
For the beginners, all cryptocurrencies are basically a computer program and whenever we say a fork has happened it means that the software of that cryptocurrency is changed. There are two types of forks – hard fork and soft fork.
Soft fork means that the software will be backward compatible and all the transactions happening in the new version of the software will be compatible with the previous version of the software.
Whereas in a Hard fork, there is no backward compatibility. The split we are talking about right now is hard fork which means that the new Bitcoin Gold transactions will not be backward compatible.
The change in cryptocurrency code can have ripple effect. Just yesterday, we told our readers that $280 million worth of Ethereum was locked up due to a user’s mistake.
