Citibank Executive Says Bitcoin Could Pass $300K by December 2021 – CoinDesk
The whole of bitcoin‘s existence has been characterized by major price swings, “exactly the kind of thing that sustains a long-term trend,” said Thomas Fitzpatrick, a managing director at Citibank, in his report solely intended for the bank’s institutional clients.
“This kind of technical analysis is of little value,” ClassicMacro commented in his tweet. “There is no edge in guessing targets so far in time with TA. All we know is that price is likely to continue going up.”
The Citibank executive drew on bitcoin’s 2010-2011 “exponential move” as being “very reminiscent” of the 1970 gold market. Gold had experienced 50 years of a constricted $20–$35 price range before a breakout occurred after a change in fiscal policy by the Nixon administration in 1971.
A decoupling of gold from fiat currencies, the COVID-19 pandemic and the desire for central banks to pursue aggressive quantitative easing policies could lead to future explosive price growth in bitcoin, according to Fitzpatrick.
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