Digital currency, Bitcoin, climbed to a new record high on Monday following the cancellation of Segwit2x software upgrade earlier this month.
The cryptocurrency which had erased about $38 billion of its market value a week ago, is now trading at $8,044.34 a coin. Meaning, the unregulated cryptocurrency has gained about 33.3 percent since plunging to $5,617 a coin on November 12.
Also, the upsurge validated Goldman Sachs technical analyst, Sheba Jafari, who predicted that a temporary pullback is imminent around $8,000 price level before bullish continuation.
“The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher,” Sheba said using technical indicator called Elliott Wave.
Since the consolidation, Bitcoin now blasted through $8,000 price level to $8,044.34 a coin. However, sustainability remains a concern, especially knowing Bitcoin is highly volatile.
“Given that this is just a third of five waves up, the implications are that Bitcoin has potential to run further over time.”
