Bitcoin

Citibank analyst tentatively predicts Bitcoin for December 2021 at $ 318,000

A recent technical analysis of Bitcoin (BTC), prepared by CitiFX for its institutional clients, Target is a potential maximum of $ 318,000 in December 2021.

As highlighted Twitter commenter Alex on November 14th, the exact number has little value over such a long period of time. But still, The analysis suggests that “the price of Bitcoin is likely to continue to rise sharply”.

The analyst describes Bitcoin as the gold of the 21st century Tom Fitzpatrick first examines the long-term trend in Bitcoin price, which is characterized by “unthinkable rallies followed by painful corrections”.

Citibank analyst tentatively predicts Bitcoin for December 2021 at $ 318,000
Citibank analyst tentatively predicts Bitcoin for December 2021 at $ 318,000

However, it should be noted that The three main bullish periods of BTC have so far increased in duration. Initially there was a period of 10 months from 2010 to 2011, followed by a period of two years from 2011 to 2013 and finally a period of three years from 2015 to 2017.

Rather, Fitzpatrick argues that The correction period after the last two bull runs has remained stable for 12 months.

According to the analysis, we are in the middle of a hike that began in early 2019 and will possibly last four years until the end of 2022.

It could be argued that such a prolonged increase would lead to even higher levels, and The diagram “What looks like a very well-defined channel” from the past seven years gives Fitzpatrick his forecast for a price of USD 318,000 for Bitcoin in December 2021.

Although he admits that this number seems highly unlikely, he notes it This “would be only a 102-fold increase from decline to increase (the weakest percentage increase to date) at a point where the case for Bitcoin is possibly the most compelling ever.”

These arguments include a change in the US Federal Reserve’s monetary policy that occurred when the coronavirus pandemic broke out.. This was marked by a huge and sustained surge in the production of new money, with less intent to limit it once the economy and employment recover.

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