A report by the US-based financial giant Citibank executive drew attention to the similarity between Bitcoin and the gold market in the 1970s, and for BTC, “21. digital gold of the century ”. In the report published by a senior manager from Citibank, it was suggested that the Bitcoin price could rise to $ 300,000 by the end of 2021. Some names from the crypto money market did not find this prediction reliable.
Citibank managing director and former FX technician Tom Fitzpatrick published a report on Bitcoin. In his report, Fitzpatrick revealed the obvious similarities between Bitcoin and the 1970 gold market. The managing director said that Bitcoin is characterized by large price fluctuations and is “exactly the kind of asset that continues a long-term trend.” While the report was originally a document prepared for the bank’s corporate customers, it was leaked to the public last Saturday via Twitter user named ClassicMacro.
Bitcoin comments from Fitzpatrick
Citibank managing director Fitzpatrick highlighted in his report that the price could rise to $ 318,000 by December 2021, pointing to the weekly chart of Bitcoin and technical analysis of the highs and lows. According to Fitzpatrick, with the COVID-19 outbreak and the interest policies of central banks, the Bitcoin price has become a bomb ready to explode in a positive way.
Citibank manager emphasized that the exponential movement Bitcoin showed in 2010-2011 is very reminiscent of the 1970 gold market. Gold was constrained for 50 years and squeezed into a price range of $ 20-35 before breaking through with a change in fiscal policy in 1971 by the Nixon administration in the US.
Citibank customers are notified of Bitcoin
The ClassicMacro account said when sharing the report that it disagreed with Fitzpatrick’s “too excited” comments. According to ClassicMacro, technical analysis is of little value. ClassicMacro stated that although no exact target can be set for the BTC price in this way, the only certainty so far is that the price will continue to increase.
Stating that readers and followers love such price targets, ClassicMacro underlined that the important point here is to inform Citibank customers about Bitcoin.
Larry Cermak from The Block also shared a tweet questioning the credibility of this report. Cermak recalled that before everyone got excited about this Citi report, Fitzpatrick suggested that in 2013 gold would reach $ 3.5 thousand an ounce. Cermak added that the same person used the same 1970s analogy for this golden beauty.
“I’m not saying no, but this guy looks like Citi’s Pomp”