Investors should capitalize on the current price dip and buy bitcoin, suggested by market Intel from Gold Sachs.
Goldman included one slide amongst the series of slides prepared by it’s technical analysis team to some institutional clients, that said the short-term target for bitcoin (BTC) is $13,971 and investors should consider buying on any dips in the current situation.
BTC would find support around $11,094, and that there’s scope for a move higher to $12,916, then $13,971, this is a more likely to happen, according to investment bank based on its Elliott Wave analysis.
According to the slide;
“as long as it doesn’t retrace further than the $9,084 low, any such retracement from $12,916-$13,971 should be taken as an opportunity to buy on weakness.
Though, it’s important to note that the prices used for the analysis doesn’t include weekend prices and more likely from futures market data.”
Goldman Sachs’ former CEO and chairman has previously said bitcoin just isn’t his thing, even though this technical analysis seems bullish on bitcoin.
Rumors that Goldman would launch a crypto trading desk and custody service have been reportedly put on hold over due to the uncertain regulatory scene in the U.S., the said rumours about crypto trading desk and custody services to be launched by Goldman has been put on hold according to reports.
Goldman Sachs slide deck is not a research note, and the CEO is no longer Lloyd Blankfein.
Credits: Daniel Palmer , Nathan DiCamilloJOIN OUR COMMUNITY