According to a recent tweet by Su Zhu that highlights Goldman Sachs’s August 8 Bitcoin technical analysis, the investment bank believes Bitcoin will reach between $12,916 and $13,971 in the near term.
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
Goldman’s analysts notably used Elliot Waves to conduct their analysis, a popular method of technical analysis that attempts to interpret long-term ‘wave’ patterns to predict future price movements.
“A pullback from [$11,880] should find support near/around $11,094,” states Goldman Sachs in the report. “As long as it avoids any contact with the top wave 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.”
As a caveat, the analysis also notes that we may still be on the first wave of a longer-term trend (similar to December 2018 through June 2019). In this case, investors should view pullbacks as buying opportunities as long as the $9K level isn’t breached.
As we previously reported, Goldman Sachs is currently introducing a small number of institutional investors to its bitcoin non-deliverable forward contracts but is reportedly in no rush to roll out new tradable products.
More: Su Zhu’s Twitter Post
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.