Market intel from Goldman Sachs suggests buyers ought to capitalize on the present value dip and purchase bitcoin.
In a sequence of slides ready by a technical evaluation staff and despatched out to some institutional purchasers, Goldman included one which mentioned the short-term goal for bitcoin (BTC) is $13,971 and that buyers ought to take into account shopping for on any dips within the present situation.
The funding financial institution mentioned that, based mostly on its Elliott Wave evaluation, BTC would discover assist round $11,094, and that there’s scope for a transfer increased to $12,916, then $13,971.
“Any such retracement from $12,916-$13,971 needs to be considered as a chance to purchase on weak spot so long as it doesn’t retrace additional than the $9,084 low,” the slide mentioned.
It needs to be famous that the costs used for the evaluation don’t embrace weekend costs and are doubtless from futures market information.
Whereas this technical evaluation appears bullish on bitcoin, Goldman Sachs’ former CEO and chairman has beforehand mentioned bitcoin simply isn’t his factor. Lloyd Blankfein mentioned in an interview final June that bitcoin is “not for me … I don’t do it. I don’t personal bitcoin.” (He retired on the finish of final yr.)
Rumors that Goldman would launch a crypto buying and selling desk and custody service have been reportedly placed on maintain over the unsure regulatory scene within the U.S.
Goldman Sachs slide deck by CoinDesk on Scribd
Edit (21:30 UTC, Aug. 12, 2019): Edited textual content to make clear that the intel got here through a slide deck from a technical evaluation staff at Goldman, not a analysis notice, and that Lloyd Blankfein is not CEO.
Goldman Sachs picture through Shutterstock; slide deck picture through Goldman