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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<\/strong>. Sometimes they are very different<\/strong> from each other.<\/p>\n The article below provides a forecast from a Citibank analyst.<\/p>\n Citibank<\/b>\u00a0(styled as\u00a0citibank<\/b>) is the consumer division of\u00a0financial services\u00a0multinational\u00a0Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York.\u00a0The bank has 2,649\u00a0branches in 19 countries,\u00a0including 723 branches in the\u00a0United States\u00a0and 1,494 branches in\u00a0Mexico\u00a0operated by its subsidiary\u00a0Banamex.\u00a0The U.S. branches are concentrated in six metropolitan areas:\u00a0New York City,\u00a0Chicago,\u00a0Los Angeles,\u00a0San Francisco,\u00a0Washington, D.C., and\u00a0Miami.\u00a0Aside from the U.S. and Mexico, most of the company’s branches are in\u00a0Poland,\u00a0Russia,\u00a0India\u00a0and the\u00a0United Arab Emirates.<\/p>\n<\/blockquote>\n 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.<\/p>\n Let’s take a look (Leave a comment if you have your opinion down below the post):<\/p>\n 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.<\/p>\n In a supposed\u00a0note to clients\u00a0seen by\u00a0Twitter commentator Alex on Nov. 14,\u00a0 Citibank managing director Tom Fitzpatrick\u00a0looks at the long-term trend of Bitcoin price, characterized as it has been by \u201cunthinkable rallies followed by painful corrections<\/strong>.\u201d<\/p>\n Notably, the three major bullish periods of BTC so far have been increasing in length. Initially, there was a 10-month run from 2010\u20132011, followed by a two-year run from 2011\u20132013, and finally a three-year run covering 2015\u20132017.<\/p>\n Conversely, Fitzpatrick posits that the period of correction following the last two bull runs has remained stable at around 12 months.<\/p>\n 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.<\/p>\n It could be argued that such an extended bull run would lead to even higher levels, and charting \u201cwhat looks like a very well defined channel\u201d over the past seven years gives Fitzpatrick his prediction of a $318,000 Bitcoin price in December 2021.<\/p>\n While conceding that this figure may seem highly improbable, he points out that this\u00a0\u201cwould 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.\u201d<\/p>\n These arguments include a change in the United States Federal Reserve\u2019s monetary policy which occurred when the coronavirus pandemic hit. This was characterized by a\u00a0vast and sustained increase in new money production, with less intention to constrain this once the economy and employment pick up again…<\/p>\n<\/blockquote>\n\n
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