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”.Related Reading: Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until HalvingOther 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 Issues Bitcoin TargetIf you were to peruse Crypto Twitter, you would find countless investors asking top analysts for a target. Just look to the endless stream of comments asking, “Target sir?”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.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, 2019According to the research note he managed to obtain, the New York-headquartered firm is currently eyeing a “short-term target at $13,971” for BTC. Should the cryptocurrency encounter that level, that would mark a double top, as $14,000 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, BTC is likely to bounce off $11,094 over the coming days, then it should have room for at least “one more leg higher towards $12,916 and $13,971”. In other words, the bank is currently leaning long on Bitcoin futures. Whether they are trading it or not is unclear.Not only is Goldman Sachs bullish in the short term, but in the medium term too. Analysts at the institutions continued by stating that Bitcoin’s potential move to tap $13,971 may be the “first leg of another five-wave count similar to the trend that lasted from December 2018 through June 2019.”And thus, they advised their clients to buy any retracement from their aforementioned short-term target, barring that BTC “doesn’t retrace further than the $9,084 low.”Goldman’s surprise report comes a month after the firm’s DJ-CEO, David Solomon, told Les Echos that his firm is currently researching digital assets. Also, back in 2017 and 2018, there were rumors abound about the investment bank’s potential intention to launch crypto custody and a trading desk.Wall Street Enamored With CryptoThis latest note only adds to the sentiment that Wall Street and Silicon Valley is, once again, eyeing the crypto industry.Late last year, Fidelity Investments revealed that it would be launching a division to focus on cryptocurrencies, specifically the trading and custodial side of the industry.Earlier this year, JP Morgan analysts claimed that Bitcoin has “intrinsic value”, seemingly going against Dimon’s thoughts no the project. While they asserted that Bitcoin’s current rally “carries echoes of late-2017”, the admission that BTC has value was recognized as rather bullish.
And just weeks ago, Bitcoin futures upstarts began rolling out their products to an institutional and retail audience. Wall Street, interestingly enough, is intrigued.
Per previous reports from NewsBTC, Bakkt is believed by Fundstrat Global Advisors to be able to “tackle many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”
It remains to be seen how this involvement from Wall Street and institutions across the globe will affect the price of Bitcoin and other cryptocurrencies. But it can’t hurt, right?
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