What Goldman Sachs thinks about Bitcoin price?

12.08.2019 13:03:47

In 2017, JP Morgan CEO Jamie Dimon said that if someone from his company’s traders is involved in cryptocurrency trading, he will fire them, as this is “dangerous”. The legendary investor Warren Buffett also said that Bitcoin has no more value than a seashell or a button on a jacket.

However, the well-known bank Goldman Sachs recently published its forecast for the behavior of the Bitcoin price.

Goldman Sachs set its own goal for Bitcoin, and many investors were very surprised by this.

Goldman Sachs is currently considering a “$13,971 short term goal” for Bitcoin. If Bitcoin reaches this level, it will mean a “double top”, since at the end of June cryptocurrency almost reached $14,000.

Goldman Sachs analysts also explained that in the coming days, Bitcoin could rebound from $11,094, judging by the waves of Elliot; and then he will have a level higher - from $12,916 to $13,971. "In other words, Goldman Sachs can talk about the prices of Bitcoin futures, although it is unclear whether they trade them.

Goldman Sachs seems to be optimistic not only in the short term but also in the medium term. Analysts explained that the movement up to $13,971 is “the first step in the movement of 5 waves”, which also resembles a trend that lasted from December 2018 to June 2019. Therefore, the investment bank advises its customers to buy on any pullbacks from this short-term goal unless Bitcoin "does not go below the minimum of $9084."

Such an interesting analysis from Goldman Sachs appeared a month after Goldman Sachs CEO David Solomon said in one of his interviews that his firm is engaged in researching digital assets. In 2017 and 2018, there were also rumors that the bank would like to launch storage services and jobs for traders.