Goldman Sachs is bullish on Bitcoin

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garry
Aug 14, 2019

There was a solid social volume spike detected on Goldman Sachs topic related to BTC:

A few even higher social volume spikes can be seen on a two-year time frame.


Starting with the latest.


News titles were bullish yesterday:

This is the source, a slide by GS:

Key points:

  • "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 prices used for the analysis don’t include weekend prices and are likely from futures market data
  • The views “are not an ‘official view’ of Goldman Sachs,” cautions a note introducing the 28-page packet of slides titled “The Charts That Matter Next Week.” The bank sends such packets to clients weekly to highlight market trends to watch out for.
  • Goldman Sachs’ former 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.”

BTC price action since Goldman Sachs publication: -6.5%

Social buzz these days:

Hmm, couldn't find a single positive line in chats. All bearish.


Now let me shortly cover the previous spikes.


- Goldman Sachs took all time high in social volume on September 6th 2018.

It was three times higher then latest.

Reason was Goldman abandoning the idea of setting up a crypto trading desk due to regulatory concerns.

This was the closest one to BTC bottom.


- Before that GS had a social volume spike on May 3th 2018, when GS announced launching thet crypto trading desk. On local BTC top.


- And the first spike was observed on February 28th 2018, when Goldman Sachs went out with it's first outlook for Bitcoin and Ethereum.

SACHSGOLDMAN
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garry
Aug 14, 2019