In recent months, due to intensifying currency wars and rising geopolitical risks, high-profile investors in the likes of Michael Novogratz and Travis Kling have emphasized the importance of bitcoin as a potential safe-haven asset in the midst of global market turmoil.
In key markets including China and South Korea, bitcoin has been trading with a slight discount, which may indicate that investors are still favoring traditional safe-havens such as gold for because of the discrepancy in market capitalization.
Analysts foresee strength for bitcoin in medium to long-term, short-term remains unclear
Analysts foresee BTC outperforming many traditional assets in the medium to long term and a Goldman Sachs analyst stated that BTC has a short-term target at $13,971, establishing an optimistic sentiment around the asset class.
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