Goldman Sachs expects a further rise in bitcoin price of $ 13,971 by 2019 from the end of the current downturn.
The price of bitcoin drops by 30% – another opportunity to buy?
In a statement to investors, Wall Street Bank predicted a short-term price target for Bitcoin of $ 13,971. Based on the current market value, this forecast indicates a 25% increase in the price of bitcoin.
Three Arrows Capital's Su Zhu posted a tweet yesterday, showing part of the Goldman Sachs announcement. The prognosis seems to be based on the "Elliot Wave theory". After that, asset prices have an observable trend controlled by the herd mentality.
This trend is between periods of optimism (upward trend) and pessimism (downward trend). If the price of bitcoin does not fall below $ 10,791, there is every chance that prices will reach $ 12,916 and $ 13,971.
As early as April, Binance Research published an analysis showing the effects of herd mentality on the prices of cryptography. According to the document, the effect was particularly noticeable at the end of the uptrend and at the beginning of the bearish phase.
However, Goldman's analysis does not take into account weekend transactions, as it only uses data from Bitcoin futures. An increase to USD 13,971 would also mean a new bitcoin price spike, placing the BTC below the USD 6,000 threshold from its record level of mid-December 2017.
BTC bulls continue in strength
The second half of the summer usually coincides with a downtrend in Bitcoin. After betting over $ 13,000 in the second week of July, BTC slipped in the middle of $ 9,000.
Since then, there has been a small recovery. Last week, the price of bitcoin reached its highest level of weekly sales of the year.
According to Goldman's analysis, any retreat from Bitcoins after exceeding $ 13,971 is another opportunity to buy. 30%. An excerpt from the note reads as follows:
Such a relapse from $ 12,916 to $ 13,971 should be considered a buying opportunity – as long as it does not go down to $ 9,084.
BTC's billionaire and investor, Tim Draper, recently reiterated his forecast for the price of bitcoin: $ 250,000 by 2022 or at the latest for the first quarter of 2023. Draper also said that crypto- The best placed currency would become a major means of exchange worldwide.
Proof of text: bitcoinist