Altcoin News: Goldman Sachs Gives Short-Term Bullish Forecast for Bitcoin

August 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

While Wall Street representatives sometimes come back to criticize Bitcoin, the well-known investment bank Goldman Sachs gives its own forecast for the price of the cryptocurrency. To the surprise of many, they turned out to be bullish.

A note for Goldman Sachs customers on Twitter shared by Three Arrows Capital CEO Su Zhu shows that at Goldman Sachs they are bullish about Bitcoin.

As follows from the publication, in the short term, Goldman Sachs expects to see Bitcoin near $13,971.

Image credit: Twitter

An unnamed analyst builds his forecast based on the Elliott Wave Theory. According to them, with a high degree of probability, Bitcoin will rebound from the level of $11,094 in the coming days. After this, the opportunity will arise “for at least one more leg higher towards $12,916 and $13,971.

On the other hand, a pullback from the indicated levels should be considered as an opportunity to buy cryptocurrency against the backdrop of weakness, if its rate does not fall below $9,084. Short-term stop orders for long positions should be placed at $10,791, according to Goldman Sachs.

“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?” Su Zhu writes. “I'm personally most surprised they can't be bothered to use a chart that includes weekend price action.”

In late June, it became known that Goldman Sachs could issue its own digital currency, following the example of JPMorgan.

Author: Marko Vidrih