I think that 99% of you, dear investors and readers, would be very interested, and most importantly, it would be really useful for any of you to hear the forecast for the price of Bitcoin back in the distant 2010 -2013 at least. Well, those days have passed, but at the present time, due to the full-scale distribution and popularization of the blockchain technology and as a result of a crypto industry, predictions are becoming a lot. Sometimes they are very different from each other.
The article below provides a forecast from a Citibank analyst.
Citibank (styled as citibank) is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. Aside from the U.S. and Mexico, most of the company’s branches are in Poland, Russia, India and the United Arab Emirates.
I do think that this kind of prediction will surprise many of us, and many will be critical and skeptical of it, but it still will be interesting to almost everyone.
Let’s take a look (Leave a comment if you have your opinion down below the post):
A recent Bitcoin (BTC) technical analysis reportedly prepared by CitiFX for its institutional clients points to a potential high of $318,000 sometime in December 2021.
In a supposed note to clients seen by Twitter commentator Alex on Nov. 14, Citibank managing director Tom Fitzpatrick looks at the long-term trend of Bitcoin price, characterized as it has been by “unthinkable rallies followed by painful corrections.”
Notably, the three major bullish periods of BTC so far have been increasing in length. Initially, there was a 10-month run from 2010–2011, followed by a two-year run from 2011–2013, and finally a three-year run covering 2015–2017.
Conversely, Fitzpatrick posits that the period of correction following the last two bull runs has remained stable at around 12 months.
This, according to the analysis, places us squarely in the middle of a bull run which started in early 2019 and is potentially set to run for four years until late 2022.
It could be argued that such an extended bull run would lead to even higher levels, and charting “what looks like a very well defined channel” over the past seven years gives Fitzpatrick his prediction of a $318,000 Bitcoin price in December 2021.
While conceding that this figure may seem highly improbable, he points out that this “would only be a low to high rally of 102 times (the weakest rally so far in percentage terms) at a point where the arguments in favour of Bitcoin could well be at their most persuasive ever.”
These arguments include a change in the United States Federal Reserve’s monetary policy which occurred when the coronavirus pandemic hit. This was characterized by a vast and sustained increase in new money production, with less intention to constrain this once the economy and employment pick up again…
