Goldman Sachs to Give Bullish BTC Forecast

Goldman Sachs experts expect to see bitcoin near the $ 13,971 mark
12 August 2019   808

While Wall Street representatives sometimes come back to criticize Bitcoin, the well-known investment bank Goldman Sachs gives its own forecast for the price of cryptocurrency. To the surprise of many, it turned out to be bullish.

A note for Goldman Sachs customers on Twitter shared by Three Arrows Capital CEO Su Zhu.

As follows from the publication, in the short term, Goldman Sachs expects to see bitcoin near the $ 13,971 mark.

An unnamed analyst builds his forecast based on the Elliott Wave Theory. According to him, with a high degree of probability, bitcoin will rebound from the level of $ 11,094 in the coming days. After this, the opportunity will arise “for at least one more leap to $ 12,916 and $ 13,971”.

On the other hand, a pullback from the indicated levels should be considered as an opportunity to buy cryptocurrency against the backdrop of weakness, if its rate does not fall below $ 9,084.

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.
 

Su Zhu
CEO, Three Arrows

Short-term stop orders for long positions should be placed at $ 10,791, according to Goldman Sachs.

We Aren't Going to Launch Crypto Desk, - Goldman Sachs

This was said by company's CEO during a meeting of the US House of Representatives devoted to issues of accountability and trust in financial institutions
12 April 2019   510

The CEO of the investment bank Goldman Sachs, David Solomon, during a meeting of the US House of Representatives, said that his company did not plan to launch a platform for trading cryptocurrencies. This is reported by The Block.

Referring to the publication of Bloomberg in December 2017, Solomon stressed that the company had never had plans to launch such a trading platform. According to him, the publication incorrectly interpreted the information from Goldman Sachs:

First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.
 

David Solomon

CEO, Goldman Sachs

When asked about the likelihood of launching cryptocurrency products in the future, Solomon answered rather evasively:

We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lots of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.
 

David Solomon

CEO, Goldman Sachs

The meeting, at which Solomon spoke, was generally devoted to issues of accountability and the problems of citizens' trust in financial institutions. The meeting was attended by the heads of the seven largest US banks.