A senior Citibank Exec expressed his opinion on Bitcoin and its possibilities in the near-term, by making similarities between the 1970s gold market and BTC so let’s read more in today’s Bitcoin latest news.
The entire BTC in existence has been characterized by multiple big price swings which are the kind “of thing that sustains a long-term trend” according to Thomas Fitzpatrick who is a Citibank exec, in his report which is intended for institutional clients. The report was initially leaked to the crypto community by a user on Twitter called “ClassicMacro” in a tweet on Saturday, noting Fitzpatrick is the “fan of moon targets.”
Fitzpatrick pointed to the BTC weekly chart and used technical analysis showing the highs and lows of the price to determine a target of $318,000 by December 2021. Analyst ClassicMacro commented:
“This kind of technical analysis is of little value. 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 commented on Bitcoin’s 2010 and 2011 exponential move as being seen as reminiscent of the 1970s gold market. Gold experienced 50 years of the constricted $20 and $35 price range before the breakout happened after the multiple changes in fiscal policies by the Nixon administration in 1971. Decoupling of gold from fiat currencies and the COVID-19 pandemic with the desire of the banks to get their hands on easing policies that could lead to explosive price growth in BTC as Fitzpatrick commented. ClassicMacro said:
“Readers loves this. What matters here is Citi’s clients being exposed to the bitcoin moon.”
Speaking on Bitcoin and its price analysis, The Bitcoin rally outlook towards $17,000 looks bright as the benchmark cryptocurrency went through a quiet weekend of trading, struggling to gain immense momentum with the bulls and bears fighting. This led to a prolonged movement and sideways trading around $16,000 with the bulls and bears both having a hard time controlling the near-term. The recent price action did nothing to provide more insight into where the trend could move in the mid-term time frame. With all that being said, one analyst noted that the rally towards $16,000 could be imminent in the near-term.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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