The first installment of "We Made It", a series dedicated to the mainstream growth of cryptocurrency. Stay tuned for more!
We Made It!
Goldman Sachs, maybe the definition of old school finance, has started to provide technical analysis for Bitcoin.
Goldman Sachs subsequently released a client report called “GS Techs: Quick BTC” on Monday, according to the publication. “Due to popular demand, it’s worth taking a quick look at bitcoin here,” Jafari wrote, adding that the firm’s overall outlook is:
Wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.
They further expand on this chart by diving into Elliot Wave analysis, a little known but very predictive form of technical analysis:
An eventual 4th wave should retrace at least 23.6% of the length of wave III, which in this case comes to ~2,330. It shouldn’t go much further than 38.2% down at 1,915. Expect 4th waves to trade sideways/messy for a period of time before eventually continuing the underlying trend.
Fortunately, they end on a very positive note that we can all appreciate:
A bitcoin might reach $500,000 by 2025.
Will this affect your decision to buy or sell? What are you thoughts on how this could affect mainstream adoption? Leave a comment below and let us know!
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