Goldman Sachs: Bitcoin will hit a new high in 2019, and these callbacks should be seen as buying opportunities on dips

Global financial giant Goldman Sachs expects bitcoin prices to hit a new high of $13,971 in 2019 once the current callback ends.

Earns Goldman Sachs

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.

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. WX20190813-124122@2x

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.

Screenshot_2019-08-12-BTCUSD---Bitcoin-Chart-and-Price---TradingView

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Number said | In the first half of 2019, blockchain private placement financing of 11.851 billion yuan exceeded 60% of funds invested in the US market

As the cryptocurrency undergoes the “Bear Bull” conversion, the blockchain private equity financing mar...

Blockchain

Weekly data on the BTC chain: data on the chain began to fall, and the exchange traded frequently

In the past week (10.28-11.03), from the main chain data, the total amount of transactions has increased compared wit...

Blockchain

The data is good for the stock market of the sudden market: Which is the liquidity of the exchange?

This paper analyzes and compares the liquidity of major exchanges on April Fool's Day. In the short time from 12...

Blockchain

Babbitt exclusive | imToken built-in DEX upgrade independent, August will have heavy news release

Babbitt News, July 31, imToken built Tokenlon officially upgraded to an independent decentralized exchange (DEX) . It...

Opinion

Interview with She Knows|Exclusive dialogue network project TOP Network, Fetch.AI, IEO will continue to fire?

On April 2nd, the second season of Babit's first-community interactive interview column, She Knows, was launched...

Blockchain

Read the article Bakkt: cryptocurrency of the New York Stock Exchange

At the Bakkt Digital Assets Summit held last week at the New York Stock Exchange, more than 150 investors around the ...