Goldman Sachs: Bitcoin has a short-term target at $13,971

Investment bank Goldman Sachs gave a bullish prediction on Bitcoin price. The analyst’s note was tweeted on Monday by the co-founder and CEO at Three Arrows Capital, Su Zhu.

According to the note which was shared by the bank suggests the price of Bitcoin to hit a short-term target of $13,971. They also said that the investors should consider buying Bitcoin at any dip in the current scenario.

However, the analysis is based on Elliott Wave Theory, which forecasts market trends by identifying extremes in investor psychology, along with price highs and lows. As per the analysis, BTC would find support around $11,094 and have a chance of moving higher to $12,916 and then $13,971.

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“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,” the analyst’s note said.

The note also suggests a short term dip at $10,791. “Tactically higher targeting between 12,916 and 13,971. Might hold once reached, consolidate for a period of time before resuming higher. Short-term stop 10,791” the note said.

Bitcoin Markets

At the press time, Bitcoin (BTC) is valued at $11,373.55 USD (-0.24%) with a market capitalization of $203,273,191,778 USD. Also at press time, BTC Dominance is 68.6% and the 24h trading volume is $14,120,044,418 USD.