Investing.com – Bitcoin remained on track to make a positive start to the month, as investors piled into the digital currency, after an analyst predicted that the cryptocurrency would ultimately advance above its recent peak
On the U.S.-based GDAX exchange, BTC/USD rose to $2,528, up $31.7 or 1.35%, well below its peak of $3,000 achieved in June.
In a note to clients sent out Sunday, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested that while bitcoin's correction hadn't run its course, the cryptocurrency was ultimately heading higher.
Jafari wrote that although bitcoin was in period of correction that "shouldn't go much further than 1,857", on the upside “there’s potential to extend as far as 3,915”.
Ethereum dipped by 0.86% to $277.89, as the second best capitalised digital currency struggled to hold onto gains since reaching its peak of $419.3 achieved earlier in June.