"This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation," they wrote, according to Bloomberg.
At press time, the price of bitcoin is trading at around $7,092, according to CoinDesk's Bitcoin Price Index (BPI).
The note represents the latest instance in which the investment bank has offered some possible guidance for its client base, which Goldman began circulating earlier this summer.
And amid rumors that Goldman is considering a new client-facing brokerage built around cryptocurrencies, its influential CEO, Lloyd Blankfein, has struck a decidedly neutral tone on bitcoin, declaring his "openness" in recent statements and interviews.
"I’ve learned over the years that there’s a lot of things that work out pretty well that I don't love," he told Bloomberg last week.
Markets graph image via Shutterstock
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
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