Goldman Sachs is bullish on Bitcoin

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Garry Kabankin
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.

Profile picture
Garry Kabankin
Aug 14, 2019

Thanks for reading!

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