Goldman Sachs Gets Bullish on Bitcoin With a Price Target of $13,971
Jack Martin's original article for cointelegraph.com reduced by 75%
In a note to customers, Goldman Sachs gave a bullish forecast for Bitcoin price. Shared on Twitter, Aug. 11, the note suggests a short-term target of $13,971.
The target given is based on Elliott Wave Theory, which forecasts market trends by identifying extremes in investor psychology, along with price highs and lows. According to the analyst, Bitcoin will rebound from support around $11,094, leaving room for at least one leg higher towards $12,916 and $13,971. This would mean that any retracement from $12,916-$13,971 levels presents a buying opportunity, as after the consolidation period, price could once again resume higher unless it goes below the previous recent low of $9,084.
Goldman Sachs increasingly interested in Bitcoin and cryptocurrency. Goldman Sachs has taken an increasing interest in the cryptocurrency market.
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