Bitcoin markets could rise as high as $3,900 in the future, according to a recent client note from investment bank Goldman Sachs.

The note from the bank’s chief technician, Sheba Jafari, published by financial news site Zero Hedge, argues that bitcoin “could consolidate sideways for a while longer”, highlighting a possible low of $1,857 and “eventually targeting” a figure of $3,212.

The analysis from Goldman comes weeks after Jafari published a more bearish analysis of the digital currency’s prospects. It was around that time when bitcoin markets briefly surpassed the $3,000 mark. According to the CoinDeskBitcoin Price Index, prices reached an all-time high of $3,018.55 on 11th June. At press time, markets are currently trading around $2,595.

In the note, Jafari posits that bitcoin markets are in the fourth “wave” of a sequence that dates back to late 2010. As for what comes next, Jafari acknowledges that fourth waves “tend to be messy/complex”.

Jafari goes on to write:

“This means that it could remain sideways/overlapping for a little while longer. At this point, it’s important to look for either an ABC pattern or a more triangular ABCDE. The former would target somewhere close to 1,856; providing a much cleaner setup from which to consider getting back into the uptrend. The latter would hold within a 2,076/3,000 range for an extended period of time.”

“Either way, eventually expecting one more leg higher; a 5th wave. From current levels, [bitcoin] has a minimum target that goes out to 3,212 (if equal to the length of wave I),” Jafari wrote. “There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there.”

Images via Goldman Sachs, Shutterstock