en
Back to the list

Goldman Sachs Takes Bullish Stance on Bitcoin (BTC) With $14K Target

source-logo  sludgefeed.com 12 August 2019 22:01, UTC
FreeBitcoin Banner

Goldman Sachs (GS) is bullish on Bitcoin (BTC), at least for the short-term.

According to a recent tweet by Su Zhu that highlights Goldman Sachs’s August 8 Bitcoin technical analysis, the investment bank believes Bitcoin will reach between $12,916 and $13,971 in the near term.

What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?

I’m personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv

— Su Zhu 🦁 (@zhusu) August 12, 2019

Goldman’s analysts notably used Elliot Waves to conduct their analysis, a popular method of technical analysis that attempts to interpret long-term ‘wave’ patterns to predict future price movements.

“A pullback from [$11,880] should find support near/around $11,094,” states Goldman Sachs in the report. “As long as it avoids any contact with the top wave at $10,791, there’s still room for at least one more leg higher towards $12,916 and $13,971. Reaching these levels could mean completing a v wave count from July. Bottom line, watch for signs of a short-term top/consolidation once satisfied.”

As a caveat, the analysis also notes that we may still be on the first wave of a longer-term trend (similar to December 2018 through June 2019). In this case, investors should view pullbacks as buying opportunities as long as the $9K level isn’t breached.

As we previously reported, Goldman Sachs is currently introducing a small number of institutional investors to its bitcoin non-deliverable forward contracts but is reportedly in no rush to roll out new tradable products.

🚀  Coinbase CTO Balaji Srinivasan Leaves After Only a Year
sludgefeed.com