If you have been shaking in your boots over the latest BTC market price pullback, there is cause for relief. This is because some Market Intel from Goldman Sachs suggests investors should capitalize on the current price dip and place their buy orders.
A series of slides made by a technical analysis team at the investment giant and sent out to some institutional clients suggest that the current price dip is just a discount. This price discount presents a healthy opportunity to get in as prices prepare to go north again in the near future. One of the Goldman slides indicated that the short-term target for Bitcoin (BTC) is $13,971, and that investors should consider hitting their buys whenever any dips occur in the current market.
The reputable investment bank based this reasoning on its Elliot’s wave analysis, which indicated that Bitcoin (BTC) would find support in around $11,094 , and that there is a scope for a move higher to $12,916, then $13,971. According to the slide;
“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,”
According to one of the slides, such a movement might be the first leg of another 5 wave count similar to a previous pattern seen between December 2018 and June 2019. A retracement between $12,916, and $13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9084 low.
It should be noted that the prices used for the Goldman Sachs analysis don’t include weekend prices and are likely from future markets data. While the technical analysis from the investment bank seems quite bullish on Bitcoin (BTC), the firm’s former CEO has not really been the biggest fan of Bitcoin. The firm’s former CEO Lloyd Blankfein said in an interview last June that Bitcoin just wasn’t his thing, before leaving his position at the tail end of last year. The firm then brought in a new man who seemed more liberal on cryptocurrencies, and rumor had it that Goldman Sachs would launch a crypto trading desk and custody service.
Despite the few hits that BTC has taken in terms of price, the market is on the ascendancy and only time will tell whether it hits the supposed short-term targets on the Goldman Sachs analysis or not.
Image courtesy of Pexels
