Bitcoin stalled at 11,386 USD on Monday, suffering slight changes during the day. The cryptocurrency completed last week’s sessions, closing at almost 11,500 USD on several exchanges, thus marking its best weekly performance of the year so far.
Bitcoin’s earlier gains have for the most part held on, many of which were ignited by the growing tension between China’s yuan and the trade war with the US.
Bitcoin suffered a sharp 500 USD dip over the weekend. Overall, the price has dropped about 3% since last Monday. Gains from earlier have broadly endured, those sparked by increasing geopolitical tensions focused on the Chinese yuan and the trade war with the United States. However, Bitcoin has been moving steadily upwards since the start of August, with price pumping from 9,500 USD and powering through the 10,000 USD and 11,000 USD levels with relative ease.
Many analysts, such as Josh Rager, predicted that Bitcoin could, in fact, surpass its 2019 weekly close record. Rager predicted that the 11,474 USD level is the price point to beat in order to the new 2019 high.
Where does Wall Street think Bitcoin is going next?
In 2017, Jamie Dimon slammed Bitcoin. The chief executive of JP Morgan claimed that if any of his firm’s traders were caught trading the cryptocurrency, they would be fired, as it is “dangerous”.
Other figures on Wall Street have echoed this sentiment. Legendary investor Warren Buffett has dubbed Bitcoin “rat poison”, adding that it doesn’t have much more inherent value than a seashell or suit button.
Their main concerns seem to be that crypto-assets don’t produce cash flow, have a price-to-earnings ratio, are hard to understand, and potentially pose a threat to the fiat system.
But interestingly, it seems that not all firms on Wall Street have this overt anti-crypto policy and stance. In fact, Goldman Sachs, the famous investment bank, recently released their take on the Bitcoin chart.
Goldman Sachs recently added fuel to this fire, issuing a Bitcoin price target of their own, shocking many industry investors, including Three Arrows Capital’s Su Zhu.
According to the research note he managed to obtain, the New York-headquartered firm is currently eyeing a “short-term target at 13,971 USD” for Bitcoin. Should the cryptocurrency encounter that level, that would mark a double top, as 14,000 USD is where Bitcoin reversed in late-June.
The unnamed Goldman Sachs analysts that wrote the note explained that per their use of Elliot Wave analysis, Bitcoin is likely to bounce off 11,094 USD over the coming days, then it should have room for at least “one more leg higher towards 12,916 USD and 13,971 USD”. In other words, the bank is currently leaning long on Bitcoin futures. Whether they are trading it or not is unclear.
Crypto market recap
The cryptocurrency market is on the rise on Monday with Bloomberg Galaxy Crypto Index inching higher by 0.24%. The total crypto market value extended slightly to 296.537 billion USD, but still fails to conquer the key threshold of 300 billion USD.
Ethereum is up by 1.31% to 212.41 USD. The price of the cryptocurrency is trading near a major resistance versus the US Dollar and Bitcoin. At the moment, the price is trading well below the 215 USD level and the 100 hourly SMA. Ethereum price is likely to decline again if it fails to surpass the 215-216 USD resistance zone.
Ripple’s XRP inched higher by 0.7% to 0.3002 USD. The price of the cryptocurrency climbed above 0.30 USD in the latter part of yesterday, currently battling with barriers above 0.3020 USD.
Bitcoin Cash is the best performing cryptocurrency today, gaining almost 4% to 331.22 USD.
Litecoin, Binance Coin and EOS are up by less than 1%.