Technical analysis of the unorthodox Bitcoin market has led Goldman Sachs to believe the major cryptocurrency is set to consolidate at $US8000 ($10,500) a coin.

After a month that saw Bitcoin soar beyond $US5000, $US6000 and then $US7000 a coin, technical analysts Sheba Jafari and Jack Abramowitz have warned traders against betting on a near-term boost past $US8000.

The value of Bitcoin has soared in recent months. Credit:Bitcoin.com

Applying the Elliott wave theory, the analysts deduced the crypto-asset is likely to consolidate at this price for a time, as it marks "the third of five waves up".

"The market has shown evidence of an impulsive rally since breaking above 6044," said Sheba Jafari, vice-president of the bank's FICC Market Strats team.