Investment bank Goldman Sachs has recommended that investors should capitalize on the current price dip and buy bitcoin.
In an analyst’s note, part of which was tweeted Monday by Su Zhu, CEO at Three Arrows Capital, the bank said that its short-term target for bitcoin (BTC) is $13,971 and that investors should consider buying on any dips in the current scenario.
The bank said that, based on its Elliott Wave analysis, BTC would find support around $11,094, and that there’s scope for a move higher to $12,916, then $13,971.
“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 note said.
It should be noted that the prices used for the analysis don’t include weekend prices and are likely from futures market data.
While the bank’s analysts are bullish on bitcoin, Goldman Sachs’ CEO and chairman has previously said bitcoin just isn’t his thing. Lloyd Blankfein said in an interview last June that bitcoin is “not for me … I don’t do it. I don’t own bitcoin.”
Rumors that Goldman would launch a crypto trading desk and custody service have been reportedly put on hold over the uncertain regulatory scene in the U.S.
Goldman Sachs image via Shutterstock; Analysts note image via Goldman Sachs/Twitter/Su Zhu.