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Goldman Goes Bullish On Bitcoin, Targets $14,000 Short-Term by zer0hedge

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· @zer0hedge ·
$113.66
Goldman Goes Bullish On Bitcoin, Targets $14,000 Short-Term
In a recent note to clients, Goldman Sachs published a bullish forecast for Bitcoin price. The forecast is based on Elliott Wave Theory, which projects market trends by identifying extremes in investor psychology, along with price highs and lows.

https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-08-12_10-08-34.jpg?itok=Pe8hPbIs
image courtesy of CoinTelegraph

Via Goldman Sachs,

>It’s tested/held the target for wave iii of v from July at 11,880 and now Bitcoin has a short-term target of $13,971...

>https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-08-12_10-13-21.jpg?itok=_b7jnU9i

>**A pullback from there should find support near/around 11,094.** 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. 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.

>That being said, in the bigger scheme of things, this might still be the first leg of another 5-wave count similar to the trend that lasted from Dec. ’18 through Jun. ’19. Said another way, any such retracement from 12,916-13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the 9,084 low.

>**View: Tactically higher targeting between 12,916 and 13,971.** Might hold once reached, consolidate for a period of time before resuming higher. Short-term stop 10,791.

If global negative-yielding debt continues to soar, and tensions in Hong Kong (and now Argentina) remain, one wonders what safe-haven flows would do to Bitcoin.

https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmFD05.jpg?itok=VARPe-Ua

Finally, it is worth noting, as Cointelegraph reported, in the last month Goldman has gone from “looking at [the] potential” of launching its own virtual token, to making hires to accelerate the program.

https://www.zerohedge.com/news/2019-08-12/goldman-goes-bullish-bitcoin-targets-14000-short-term
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@videosteemit ·
!giphy bull

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@giphy ·
<img src="https://media3.giphy.com/media/Mlv7hSQSmz2a4/giphy.gif?cid=0aaf8a74cd40387216b5d95e17b16076be989a94eb8bd722&rid=giphy.gif" /><br><a href="https://giphy.com/gifs/chicago-bulls-boston-celtics-rajon-rondo-Mlv7hSQSmz2a4"><img src="https://files.steempeak.com/file/steempeak/echobourdon/SCyDAmrs-PoweredBy_200px-White_HorizLogo.png" /></a>
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@videosteemit ·
!giphy failed

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@smallearth ·
Cool, I thought they were still long on cocaine...

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@steemium ·
steemium-comment-1565808570248
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@cryptoknight12 ·
Right now I'm just scared to buy altcoins!
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@exscudo ·
Good for them, Bitcoin is going to rise this year.
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@jmehta ·
If bullish be bearish my friends..
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@deebawriter ·
Best crypto news read at https://btcmanager.com
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