Major investment bank Goldman Sachs has set a short-term Bitcoin price target of $13,971, according to a newsletter shared on Twitter.

Using a combination of levels of support and resistance as well as the controversial Elliott wave theory, Goldman Sachs analysts state that “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”.

The bank goes on to suggest that traders might benefit from holding a long position with a short-term stop loss at $10,791, although it’s worth noting that more than $9 million in long positions have been liquidated on BitMEX today according to Datamish.

The bullish sentiment from the likes of Goldman Sachs is in stark contrast to its approach in 2018, when the bank posted an article claiming that Bitcoin’s “bubble had burst”.

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? I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv — Su Zhu ? (@zhusu) August 12, 2019

“We are optimistic that blockchain, the distributed technology that underpins digital currencies, could have a meaningful and important impact across industries. But as the debate over crypto pricing itself continues, we would take a fairly cautious view,” senior strategist Allison Nathan commented at the time.

At the end of June, Goldman Sachs CEO David Solomon hinted that the banking giant could follow JP Morgan’s lead by issuing its own USD-backed stablecoin.

“Assume that all major financial institutions around the world are looking at the potential of tokenisation, stablecoins, and frictionless payments,” he said in an interview.

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