Goldman Sachs Analysts Has a Bullish Target for Bitcoin, Makes a Call for ‘Buy the Dip’ Opportunity
- Bitcoin down 18.3% from 2019 high
- Bitcoin has room for one more leg higher to $13,970
- Any retracement from here is a ‘buy the dip’ opportunity
Bitcoin is currently trading around $11,315, which according to the analysts of Goldman Sachs isn’t going to last much longer because BTC is going to surge higher.
“Tactically higher targeting between 12,916 and 13871. Might hold once reached, consolidate for a period of time before resuming higher. Short-term stop 10,791.”
Bitcoin down 18.3% from 2019 high
The leading cryptocurrency has been surging since February 2019, when we were trading around $3,340 going to as high as $13,900 in late June.
After that, however, Bitcoin went into a correction mode and dropped to $9,150 level in mid-July. But August is now again turning out to be good for the flagship cryptocurrency as last week we climbed above $12,300 level.
- Bitcoin is up 207% YTD, Source: TradingView
Since then, BTC has, however, dropped below $11,500 level and according to Goldman Sachs, this dip won’t last much longer.
Bitcoin has room for one more leg higher to $13,970
As per the screenshot shared by Su Zhu, the co-founder, CEO, and CIO of Three Arrows Capital, Goldman Sachs analysts have a bullish target for Bitcoin at $13,971.
The analysis that uses Elliott Wave Theory and only includes weekend price action, points how Bitcoin has tested and held the target for wave 3rd of 5th from July at $11,880. A pullback from there, it states should find support near $11,094.
What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?
I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv
— Su Zhu (@zhusu) August 12, 2019
“As long as it avoids any contact with the top of wave i at 10,791, there's still room for at least one more leg higher towards 12,916 and 13,971.”
If Bitcoin reaches these levels, it could mean completing the 5th wave count from July, observes the analyst.
“Bottom line, watch for signs of a short-term top/consolidation once satisfied.”
Any retracement from here is a ‘buy the dip’ opportunity
However, in the bigger scheme of things, they feel this might still be the first leg of another S-wave count similar to the trend we saw from December 2018 through June 2019.
“Any such retracement from 12,916-13,971 should be viewed as an opportunity to buy on weakness as long as it doesn't retrace further than the 9,084 low.”
Back in November 2018, Goldman Sachs called out for a downside risk to $3,110 at least and possibly as low as $2,294, which has been a pretty decent call, given the fact that Bitcoin bottomed in Dec 2018 at around $3,200 level.
Bitcoin’s price is $27,382.58 BTC/USD exchange rate today. The real-time BTC market cap of $529.18 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $13.66 Billion and live coin value change of BTC -3.24 in the last 24 hours.