Goldman Sachs predicts Bitcoin to hit new high of $3,600 soon
Goldman Sach's chief technician Sheba Jafari has reportedly told clients in a new report that Bitcoin is expected to have more swings and lows before making a run and achieving a new record-high of over $3,690.
Previously, Jafari had correctly predicted that Bitcoin would suffer a huge fall in price shortly after it hit $3,000, before saying it would not fall "much below $1,857" - the cryptocurrency subsequently fell between $1,758 and $1,852.
Jafari has written that current Bitcoin patterns and its inability to break through and consolidate above $3,000 could suggest a triangle pattern that would see as many as five swings and a low of around $1,786.
Currently, Bitcoin is in the fourth stage of that five-wave sequence.
"Anything above $3,000 will suggest potential to have already started wave V, which again has a minimum target at $2,988 and scope to reach $3,691", Jafari wrote in the note sent out to clients.
Cryptocurrency is known for its volatility and unpredictability, with Ethereum - the second biggest currency behind Bitcoin - hitting record highs of nearly $400 before plummeting to as low as $168 in the space of a month.
Bitcoin, meanwhile, went above $3,000 on June 11th but has not managed to hit the same heights again, dropping by over $1,000 to $1,938.
A price correction in May caused $3.4bn to be wiped off the value of Bitcoin and an 18% drop in value after the market cap was revised from $40.49bn to $37.08bn.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”