The latest cryptocurrency news feature Goldman Sachs, which gave a bullish prediction for the Bitcoin price. We can see that the global investment firm Goldman Sachs is bullish on BTC after it shared a price prediction with a short term target of $13,971, as shared on Twitter.
What we can see is that the target given is based on Elliott Wave Theory, which forecasts market trends by determining the extremes in investor psychology along with price highs and obviously, price lows. As many best cryptocurrency news sites noted, it seems that the analyst from Goldman Sachs is bullish when it comes to BTC.
What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?
I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv
— Su Zhu 🦁 (@zhusu) August 12, 2019
He said that Bitcoin will rebound from support around $11,094 and will leave room for at least one leg higher towards $12,916 and $13,971. This, as he noted, could complete a V wave count from July and produce a short-term top or consolidation.
The analyst also suggested that this could be the first leg of a five wave count. In other words, he was featured in the altcoin news too because Bitcoin is known for triggering altcoins to rise. Now that Goldman Sachs is bullish, we could expect a lot more happening in the industry surrounding Bitcoin.
When addressing the potential five wave count, any retracement from $12,916 to $13,971 could present a buying opportunity. This is mostly because after the consolidation period, the BTC price could once again resume the highs unless it goes below and revisit the previous recent lows of $9,084.
Even though Goldman Sachs is bullish on BTC, the note suggests that there may be a short term stop at the level of $10,791. Meanwhile, the investment banking and management firm has taken an increasing interest in the cryptocurrency market. As we reported in our coming altcoin news recently, Goldman Sachs has gone from “looking at the potential” of launching its own virtual token – to actually making hires in order to accelerate the program.
Meanwhile, the current day prices illustrate a total market cap of $296.6 billion where Bitcoin (BTC) is trading at $11,392 with a market cap of $203 billion and a dominance of 68.5%. The daily trading volume for the day is close to $50 billion.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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