Goldman Sachs becomes optimistic about Bitcoin with a target price of USD 13,971
In an informative note to customers, Goldman Sachs gave a bullish forecast for the price of Bitcoin. This was shared on Twitter on August 11, the note suggests a short-term target of USD 13,971.
Bullish analysis based on Elliott’s wave theory
The objective given is based on Elliott’s wave theory, which forecasts market trends by identifying extremes in investor psychology, along with maximum and minimum prices.
According to the analyst, Bitcoin will recover from support around USD 11,094, leaving room for at least a higher stretch towards USD 12,916 and USD 13,971. This could complete a V-wave count from July, producing a consolidation or short-term high.
The broader picture and the longer term forecast
Potentially, the analyst suggests, this could be the first tranche of a five-wave count. This would mean that any reversal of the USD 12,916 – USD 13,971 levels presents a buying opportunity, since after the consolidation period, the price could resume once again unless it falls below the previous recent low of USD 9,084.
The note suggests a short-term stop at USD 10,791.
Goldman Sachs is increasingly interested in Bitcoin and cryptocurrencies
Goldman Sachs has adopted a growing interest in the cryptocurrency market. As Cointelegraph reported, in the last month it went from “considering [the] potential” of launching its own virtual token, to hiring to accelerate the program.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.