Goldman Sachs surprisingly bullish on Bitcoin: Targeting $13,971
|- Bitcoin is poised for recovery from the current support at $11,094.
- Goldman Sachs utilized the Elliott Wave Theory to come up with the forecast.
According to a Twitter message published by the leading investment bank Goldman Sachs via Twitter on August 11 places Bitcoin price target at $13,971 in the near-term. The bank utilized the Elliott Wave Theory to come up with the forecast for Bitcoin. This theory takes into account the extremes in investor psychology in addition to price lows and highs.
The analysis shows that Bitcoin is poised for recovery from the current support at $11,094. It will then give a room for a single leg heading to $12,916 and later $13,971. If this happens, a V wave count from July will be completed where a short-term consolidation is likely to occur.
Significantly, the analysis shows that the above recovery could be the initial leg of a five-wave count. In this case, any correction from both $12,916 and $13,971 is will signal a buying opportunity. Following the consolidation, Bitcoin is could get a boost higher unless if it plunges to the recent low around $9,084.
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