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.
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