Global financial giant Goldman Sachs expects bitcoin prices to hit a new high of $13,971 in 2019 once the current callback ends.
Bitcoin prices fall 30% – another buying opportunity?
In a report to investors, the Wall Street bank expects short-term target price of Bitcoin to be $13,971. From the current market value, this forecast shows that bitcoin prices will rise by 25% during this rise.
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Su Zhou of Three Arrows Capital posted a tweet on Monday (August 12, 2019) showing part of this Goldman Sachs notice. This prediction seems to depend on the "Elliot Wave Theory", which holds that there is an observable pattern of asset price behavior controlled by herd mentality.
“What's even more surprising is that Goldman Sachs has a bullish goal for Bitcoin. They don't have any goals at all, or do they use Elliot's wave theory?
My personal surprise is that they are too lazy to use charts that include weekend price movements. ”
This pattern moves between optimistic and pessimistic downward periods. According to the report, if the price of Bitcoin does not fall below $10,791, it is likely to rise to the price level of $12,916 and $13,971.
As early as April 2019, Binance Research published a report emphasizing the impact of herd mentality on cryptographic price behavior. According to the document, this effect is most pronounced in the late stages of the uptrend and early in the downtrend.
However, Goldman's analysis did not consider weekend trading because it only uses data from Bitcoin futures. If the price of Bitcoin rises to $13,971, it will also mean that Bitcoin prices will hit a new high in 2019, making Bitcoin prices less than $6,000 compared to the historical highs of mid-December 2017.
BTC bull market is still strong
As previously reported, Bitcoin showed a downward trend in the late summer season. After breaking through $13,000 in the second week of July, BTC slipped all the way to the middle of $9,000.
Since then, a small recovery has begun since the end of July. In the week that last August, Bitcoin prices hit the highest weekly closing price since 2019.
According to Goldman Sachs' analysis, any callback after the bitcoin price reached $13,971 represents another buying opportunity. In the course of 2017, bitcoin prices almost exceeded 20,000 US dollars, bitcoin prices have appeared no less than 8 30%.
An excerpt from one of the Goldman Sachs notices is as follows:
“Any callback from 12,916-13,971 points should be considered an opportunity to buy on dips, as long as the callback does not exceed the low of 9,084.”
Recently, billionaire venture capitalist Tim Draper has doubled his forecast for bitcoin prices. Draper also pointed out that Bitcoin, the highest ranked cryptocurrency, will become the world's leading exchange medium.