Citibank manager Tom Fitzpatrick believes that by 2021 Bitcoin will pass the $300,000 mark. A rather encouraging prediction.
Tom Fitzpatrick, managing director of Citibank, indicated that the price of Bitcoin could reach $318,000 for next year. Due to the economic uncertainty and comparing it with the gold market for the 70s.
Especially, Tom Fitzpatrick based his prediction that Crypto Profit scam would reach $318,000 on an analysis of previous market highs and lows. This compares with gold yields in the early 1970s.
From Google Trends‘ point of view, how is Bitcoin doing?
Tom Fitzpatrick says Bitcoin will hit $318,000
True, this is not Fitzpatrick’s first price calculation. As Larry Cermak, a researcher in the crypto coin industry, pointed out, Fitzpatrick has made questionable price calculations in the past. For example, in 2013, the executive claimed that gold was headed for $3,500.
Before everyone gets hyped on this Citi report, the same guy said in 2013 that gold was gonna hit $3.5k and even used the same 1970s analogy. Not saying it won’t happen but this guy looks like Citi’s Pomp
Indeed, through a report aimed at Citibank MD institutional clients. Fitzpatrick compared Bitcoin’s first major bull run, between 2010 and 2011, with the rise of the gold price in the 1970s.
In the report „Bitcoin: 21st Century Gold,“ leaked on Twitter on Nov. 13, Fitzpatrick assessed the shortage of Bitcoin (BTC). Especially, assuring that we’re in a digital age. He argued that „gold is a 21st century asset.
Citibank bitcoin technical analysis.
In the same way, Tom Fitzpatrick considered important the ability to easily transfer value around the world, from those who own Bitcoin. In other words, the certain degree of privacy of Bitcoin is seen as part of its value.
Prognosis: Bitcoin Price (BTC) begins correction
The Citibank Report
Citibank’s analysis, on the other hand, contains a price forecast for next year. It states that we could see a new record for the price of Bitcoin in 2021.
Specifically, according to Tom Fitzpatrick’s estimates, by December 2021, the price of Bitcoin would be over $318,000.
Questioning the Report
There are those in the environment, who discuss the Citibank report. Specifically, because of positions of the same bank regarding Bitcoin in the past.
In this regard, the @CryptoWhale account wrote: „That the big banks are getting optimistic about Bitcoin, you should be concerned. Therefore, they have ulterior motives.
Citibank released a report yesterday saying they predict #Bitcoin will hit $318,000 by 2021.
This is the same bank that urged people to sell Bitcoin when it was trading under $400 in 2013.
Big Banks Turning Bullish on Bitcoin Should Have You Worried. They have ulterior motives. pic.twitter.com/nLlVsZTeQg
– CryptoWhale (@CryptoWhale) November 15, 2020
However, most of the comments on Twitter focus on Tom Fitzpatrick’s price prediction. Let’s hope he’s right.
It’s self fulfilling that as big business, politicians and banks buy into bitcoin they’re going to promote it for their own interest and monetary gain which will obviously pump the price. And I’m cool with thatJust have a disciplined profit taking strategy and keep greed at bay
– Gordon Gekkoin (@GordonGekkoin) November 15, 2020
To conclude, I leave you this sentence of Niels Bohr: „Making predictions is very difficult. Especially, when it is about the future“.