Some have suggested it may have an environmental meaning, while others have suggested the acronym Goat (greatest of all time) could be a reference praising himself.
The wall on which the goat is painted is overlooked by a CCTV camera, suggesting Banksy felt confident that he could create the artwork and maintain his anonymity despite the surveillance.
In July, he created a dinghy filled with dummies in reference to the small boats migrants have used to cross the Channel, with the craft carried by the crowd during a performance by Idles, the Bristol-based band, at Glastonbury.