Citibank Manager said that Bitcoin (BTC) could exceed $ 300,000 by December 2021. A senior executive at US-based financial giant Citibank wrote a report based on the similarities between the 1970s gold market and Bitcoin.
“All of Bitcoin (BTC, + 2.05%) was characterized by massive price fluctuations, exactly the kind of thing that sustains a long-term trend,” said Thomas Fitzpatrick, managing director of Citibank, in his report. In fact, this report was prepared for the bank’s corporate customers. But later it leaked.
The report was first leaked to the cryptocurrency community on Saturday by Twitter user “ClassicMacro” and pointed out that Fitzpatrick is “a big fan of Bitcoin bullish goals”.
Fitzpatrick pointed to Bitcoin’s weekly chart in the report and used technical analysis (TA) of previous highs and lows to set a target of $ 318,000 by December 2021. ClassicMacro used the following statements in his tweet:
“This kind of technical analysis is of little value. There is no advantage in predicting targets so far with TA. All we know is that the price will continue to increase. ”
The Citibank executive said that Bitcoin’s “exponential move” in 2010-2011 was reminiscent of the 1970 gold market. Gold had experienced a restricted price range of $ 20-35 for 50 years before a break occurred after a change in fiscal policy by the Nixon administration in 1971. According to Fitzpatrick, the separation of gold from fiat currencies, the Covid-19 pandemic, and the desire of central banks to pursue aggressive quantitative easing policies could lead to an explosive price increase in Bitcoin in the future.
ClassicMacro commented, “Readers love it.”
“What’s important here is that Citi’s customers are exposed to the Bitcoin bullish goal.”