CitiBank chief hints Bitcoin price could hit $318,000 by 2021
CitiBank director Tom Fitzpatrick hinted that the Bitcoin price could hit $318,000 by 2021. This was revealed by a Twitter user Alex who leaked a document that was sent by Citibank to its institutional investors.
Citibank bitcoin technical analysis.— Alex (@classicmacro) November 13, 2020
Target: Moon. pic.twitter.com/prB1YjVNhX
The document contained extensive technical analysis highlighting Bitcoin’s rise in recent years and potential prediction for the coin. Fitzpatrick described the leading cryptocurrency as 21st-century gold and stated that Bitcoin was characterized by crazy rallies that followed with steep corrections.
He further added that the movements of Bitcoin were similar to gold. This was in reference to the movements of gold which was largely within the $20-$50 range before a change in fiscal policies in 1971 led to a surge in price.
He believes that we are currently in the middle of an extended bullish run that began in 2019 and could be set to run until 2022. Fitzpatrick also considered the recent fiscal policy of the United States Federal Reserve which printed a record number of benefit money during the Covid-19 pandemic.
This precedent was followed by institutions removing their money and investing in assets like Bitcoin and Gold. A price range of $318,000 could be achieved by December 2021, if the rally continued finished Fitzpatrick.
Bitcoin continues to surprise critics
Bitcoin experienced a similar trend from 2010 to 2011, before its exponential rise yearly leading to it’s all-time high rally of 2018. Despite the subsequent bearish run that saw the coin dip to $3,500 later that year Bitcoin has bounced back in an impressive manner.
The leading coin is up by over 200% in 2020, despite the Covid-19 pandemic which disrupted economies across the world. The digital gold has been impervious to this situation and has stayed above $10,000 marks for more than a month.
It is no surprise that institutions have begun to accumulate BTC due to its attractive prospect as an investment tool. Fitzpatrick analysis could be far off the mark as it is quite difficult to predict the outcome of a volatile currency like Bitcoin over a long period of time.
At the time of publication, Bitcoin is valued at $16,300 and has a market dominance of 65% with a market cap of over $300 billion.