CitiBank Now Bullish on Bitcoin with Prediction Above $300K

CitiBank Now Bullish on Bitcoin with Prediction Above $300K

By Abhimanyu Krishnan | News | 16 Nov 2020


Citibank Managing Director Thomas Fitzpatrick, in an independent report made public on Nov. 14, offered bullish prospects for Bitcoin (BTC), calling it “21st century gold.”

  • Fitzpatrick offered a highly bullish sentiment for Bitcoin (BTC), and used technical analysis to target a price of $381,000 by Dec. 2021
  • Market analyst classicmacro first leaked the report and, while he believes that the technical analysis was of little use, said that the real highlight was the fact that “Citi's clients are being exposed to the bitcoin moon”
  • Fitzpatrick said that Bitcoin’s “unthinkable rallies and painful corrections” are “the type of pattern that sustains a long-term trend”
  • Citing fiscal policies, inflation and the pandemic as reasons for a Bitcoin rally, Fitzpatrick suggested a major upward movement in the next 12-24 months, and used TA to target $318,000
  • The target is far higher than what is predicted by PlanB’s S2FX model, which expects a price range of $100,000 to $288,000 for Bitcoin by Dec. 2021
  • Some community members aren’t convinced by these bullish models, saying that they are unsustainable and would break down eventually

 

 


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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