A recent analysis of Bitcoin by CitiFX suggested that the king coin may hit $318,000 in December 2021. Bitcoin has been making headlines recently, with its continuous price increases. Currently, BTC is up 2.40% to $16,438.50.
On the 13th of November, a Twitter commentator, Alex, uploaded a note by Citibank managing director Tom Fitzpatrick. Titled “Bitcoin: 21st Century Gold”, the note was supposedly directed to Citibank institutional clients. Citibank said that the current period for Bitcoin is similar to that of Gold in the 1970s.
The note highlighted the three significant times BTC has been bullish and said the periods increased in length. The first major one was between 2010 and 2012. At the time, BTC was on an upward trend for 10 months and after that was a 2-year run from 2011 to 2013. The third major bullish period was a three-year run between 2015 and 2017.
In the note, Fitzpatrick said the Bitcoin bull run may run through late 2022.
Noting that Fitzpatrick is a “big fan of moon targets,” Alex added:
“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, and a lot. What matters here is Citi’s clients being exposed to the Bitcoin moon.”
Image Credits: Pixabay