{"id":112910,"date":"2020-11-16T14:11:25","date_gmt":"2020-11-16T11:11:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/citibank-analyst-makes-tentative-318k-bitcoin-prediction-for-december-2021\/"},"modified":"2020-11-16T14:11:25","modified_gmt":"2020-11-16T11:11:25","slug":"citibank-analyst-makes-tentative-318k-bitcoin-prediction-for-december-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/citibank-analyst-makes-tentative-318k-bitcoin-prediction-for-december-2021\/","title":{"rendered":"# Citibank analyst makes tentative $318K Bitcoin prediction for December 2021"},"content":{"rendered":"

“# Citibank analyst makes tentative $318K Bitcoin prediction for December 2021 <\/strong>”
\n<\/p>\n

A recent Bitcoin (BTC) technical analysis prepared by CitiFX for its institutional clients points to a potential high of $318,000 sometime in December 2021.<\/p>\n

As highlighted<\/a> by Twitter<\/a> commentator Alex on Nov. 14, the exact figure is of little value over such a long time frame. However, the analysis does suggest that Bitcoin \u201cprice is likely to continue to go up, and a lot.\u201d<\/p>\n

Describing Bitcoin as 21st-century gold, the analyst, Tom Fitzpatrick, first looks at the long-term trend of Bitcoin price, characterized as it has been by, \u201cunthinkable rallies followed by painful corrections.\u201d<\/p>\n

Notably however, the three major bullish periods of BTC so far have been increasing in length. Initially, there was a 10-month run from 2010\u20132011, followed by a two-year run from 2011\u20132013, and finally a three-year run covering 2015\u20132017.<\/p>\n

Conversely, Fitzpatrick posits that the period of correction following the last two bull runs has remained stable at around 12 months.<\/p>\n

This, according to the analysis, places us squarely in the middle of a bull run which started in early 2019 and is potentially set to run for four years until late 2022.<\/p>\n

It could be argued that such an extended bull run would lead to even higher levels, and charting \u201cwhat looks like a very well defined channel\u201d over the past seven years gives Fitzpatrick his prediction of a $318,000 Bitcoin price in December 2021.<\/p>\n

While conceding that this figure may seem highly improbable, he points out that this\u00a0\u201cwould only be a low to high rally of 102 times (the weakest rally so far in percentage terms) at a point where the arguments in favour of Bitcoin could well be at their most persuasive ever.\u201d<\/p>\n

These arguments include a change in the United States Federal Reserve\u2019s monetary policy which occurred when the coronavirus pandemic hit. This was characterized by a vast and sustained increase in new money production, with less intention to constrain this once the economy and employment pick up again.<\/p>\n<\/div>\n