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Bitcoin price below 12k: Goldman Sachs analyst advises to buy

August 13, 2019 at 9:52 AM | By Jit Sutradhar Markets

The current situation on the Bitcoin market could be the beginning of a price move similar to the trend between December 2018 and June 2019. A Bitcoin price below the $ 12,000 mark could be an opportunity to buy cheap BTC against this backdrop, says a Goldman Sachs analyst.

An expert from Goldman Sachs considers the current Bitcoin price a good buying opportunity. This emerges from an investor presentation that was leaked to the crypto magazine Coindesk . In it, an analyst uses the Elliott Wave Theory for the assessment of the performance of various indices.

Based on the assessment of Goldman Sachs analyst Sheba Jafari, the $ 11,094 range this week is an important support to the Bitcoin price. As long as the Bitcoin price does not move towards the $ 10,791 mark, there is still room for a bitcoin price between $ 12,916 and $ 13,971. The latter marks the short-term price target for the Goldman Sachs analyst.

In the longer term, according to Jafari, this price range may mark the beginning of a trend similar to that between December 2018 and June 2019.

However, in the larger scheme of things, this could still be the first leg of another 5-wave census, similar to the trend that lasted from December 2018 to June 2019. In other words, a withdrawal of $ 12,916 to $ 13,971 should be viewed as an opportunity to buy in a price weakness as long as it falls below $ 9,084.

The Elliott Wave Theory is based on the view that a two-stage price increase is always followed by a three-level correction.

Goldman Sachs and Bitcoin

The investment giant already has more than one foot in the door to the crypto sector. Rumors that Goldman Sachs would like to launch a Bitcoin Trading Desk were denied ; Nevertheless, the investment firm can not assume Bitcoin apathy. For example, Goldman Sachs was the first major bank to make a significant investment in a Bitcoin company.

As early as 2015, Goldman Sachs initiated a $ 50 million round of investment in the P2P payment processor Circle. In a same year’s report, Goldman Sachs called bitcoin and cryptocurrencies part of a technological “megatrend.” This has the potential to fundamentally change the global payment sector.

In 2018, David Salomon took over the cryptocurrency of an open-minded investment banker. Compared to the news agency Bloomberg confirmed Solomon that the customer interest in Bitcoin Futures is quite given.

Image via Shutterstock

This article is translated by Google Translate from btc-echo.de

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