Managing Director of Citibank: "Bitcoin will reach $318 000 by December 2021 of the year"

Citibank Managing Director noted the similarity between the gold market of the 1970s and the current Bitcoin market. In his opinion, The price of bitcoin can achieve $318 000 by December 2021 of the year.

As noted by the managing director of Citibank Thomas Fitzpatrick (Thomas Fitzpatrick) In reporting, intended for institutional customers of the bank, The entire existence of bitcoin was characterized by serious price fluctuations, “It is, which supports a long -term trend ". Information about the report was the first to publish the user of the social network Twitter Classicmacro.

Fitzpatrick pointed to a weekly schedule of bitcoin price, and, After conducting a technical analysis of previous maximums and minimums, stated, that by December 2021 years of cryptocurrency, can achieve $318 000. Classicmacro user commented on this statement:

“This type of technical analysis has no particular value. It is pointless to guess the price at a certain moment using technical analysis. All, What do we know - price, probably, will continue to grow ".

Citibank Managing Director drew attention to the “exponential movement” of bitcoin prices in 2010-2011 years as in the "very reminiscent" gold market of the 1970s. Gold during 50 years have been in a limited price range from $20 to $35, Before a breakthrough of prices after a change in the fiscal policy, the US President Richard Nixon in the administration of 1971 year.

According to Fitzpatrik, gold departure from fiat currencies, Covid-19 pandemic and the desire of central banks to pursue an aggressive policy of quantitative mitigation can lead to explosive growth of bitcoin prices in the future.

Recall, that the recently managing director of Grayscale Investments Michael Sonnenshain (Michael Sonnenhein) stated, what, According to Jpmorgan Chase report, Bitcoin pulls over part of the investment in ETF gold.