Goldman Sachs is bullish on Bitcoin
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:
- Goldman Sachs Analysts’ Slide Suggests Now’s a Good Time to Buy Bitcoin
- A Goldman Sachs Analyst Is Bullish on Bitcoin. But Is Goldman?
- Goldman Sachs Gets Bullish on Bitcoin With a Price Target of $13,971
- Goldman Sachs Talks Bitcoin: Where Does Wall Street Think BTC is Going Next?
- Goldman Sachs Analysts Say that It’s Time to Buy Bitcoin
- Bitcoin Is ‘Ludicrously Underpriced’: Ex-Goldman Sachs Exec
This is the source, a slide by GS:
- "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.