Goldman Goes Bullish On Bitcoin, Targets $14,000 Short-Term
In a recent note to clients, Goldman Sachs published a bullish forecast for Bitcoin price. The forecast is based on Elliott Wave Theory, which projects market trends by identifying extremes in investor psychology, along with price highs and lows.
https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-08-12_10-08-34.jpg?itok=Pe8hPbIs image courtesy of CoinTelegraph
Via Goldman Sachs,
It’s tested/held the target for wave iii of v from July at 11,880 and now Bitcoin has a short-term target of $13,971...
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A pullback from there should find support near/around 11,094. As long as it avoids any contact with the top of wave i 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.
That being said, in the bigger scheme of things, this might still be the first leg of another 5-wave count similar to the trend that lasted from Dec. ’18 through Jun. ’19. Said another way, any such retracement from 12,916-13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the 9,084 low.
View: Tactically higher targeting between 12,916 and 13,971. Might hold once reached, consolidate for a period of time before resuming higher. Short-term stop 10,791.
If global negative-yielding debt continues to soar, and tensions in Hong Kong (and now Argentina) remain, one wonders what safe-haven flows would do to Bitcoin.
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Finally, it is worth noting, as Cointelegraph reported, in the last month Goldman has gone from “looking at [the] potential” of launching its own virtual token, to making hires to accelerate the program.
https://www.zerohedge.com/news/2019-08-12/goldman-goes-bullish-bitcoin-targets-14000-short-term