Goldman Sachs: Bitcoin to grow then to drop significantly

Goldman Sachs analytics predictions: Bitcoin is to grow more but then to drop to $2,221
15 August

The Bitcoin price may grow to almost $5,000 but after that it is likely that the correction will take place and the price will drop to about $2,000, claims Goldman Sachs' chart analyst Sheba Jafari, CNBC reports.

Thus, according to the analyst, Bitcoin is riding a "fifth wave" of an "impulsive" rally that could run as high as $4,827 in the short term. However, "once a full five-wave sequence is in place, the market should in theory enter a corrective phase," Sheba Jafari argues.

This can last at least one-third of the time it took to complete the preceding advance and retrace at least 38.2 percent of the entire move.
 

Sheba Jafari
Goldman Sachs' chart analyst

At the time of the report's publication, Jafari said that correction could take Bitcoin down to around $2,221.

Bitcoin price charts on goldmansachs.com Bitcoin price charts on goldmansachs.com

Although Jafari didn't explicitly name it, the five-wave principle of technical analysis is known as the "Elliott Wave." Thus, earlier The Elliott Wave Theorist newsletter also pointed out that Bitcoin is "making a final fifth wave from six cents" after predicting the digital currency's surge seven years ago.

Bitcoin Waves on elliottwave.com Bitcoin Waves on elliottwave.com

Bitcoin would also have to fall under $2,935 "to signal that a top is already in place," Jafari detailed in the report.

Intel to Apply Blockchain Mining to Genetic Sequencing

Intel intends to utilize the energy expended during cryptocurrency mining for the sequencing of genetic data
15 December

Yesterday the U.S. Patent released a patent application called "Blockchain System with Nucleobase Sequencing as Proof of Work". In the application Intel’s inventors describe a type of computer called a sequence mining platform (SMP) which would identify the order or nucleobases in a deoxyribonucleic acid (DNA) or ribonucleic acid (RNA).

Nucleobases are the molecules that make up DNA and RNA, which contain the genetic information within every living organism on the planet. The order of these bases determines what physical traits a person, plant or animal features.

The patent application states that the SMP would use a nucleobase sequencing unit to actually establish the order of nucleobases in a given sample, which would then be verified by the blockchain before being permanently recorded on it.

The POW algorithm will be used to both identify the sequence and subsequently verify it, according to the application, and the sequence recorded on one block would be used as a base for the POW problems in the next block.