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Blog

Date:
17th Nov 2020
Author:
CryptoAltum Research Team

Citibank Executive is Moonshot Bullish on Bitcoin


Pinning his technical analysis on the exponential Bitcoin price move of 2010 to 2011--which had similarities to the the gold market of the 1970s, Thomas Fitzpatrick, the Global Head of Citibank’s CitiFXTechnicals market insight product, now saysBTC prices may rally to $318k by Dec 2021. In the newsletter meant for the bank’s institutional clients, he said the whole of Bitcoin’s existence has been marked by huge price movements, a prerequisite for sustaining even larger price movements.


Details: 

Bitcoin is evolving into a store of value, competing with gold as a safe haven asset. Launched roughly 12 years ago amid the Great Financial Crisis (GFC), the network’s stability, as well as exponential price gains of the last few years, is attracting institutions and drawing regulators’ attention. However, it is the coin’s performance in the last three years that has pushed BTC to the mainstream. Thomas’ projections reflect the stance of other analysts and influencers including the Winklevoss Twins who, in an article, said Bitcoin prices can rally to $500k as the coin becomes a bona fide tool of shielding value against inflation.


Impact on the BTC Price: 

Bullish. Comments from a global bank’s executive point to how bullish technicals and fundamentals are aligned, acting as tailwinds for the most valuable digital asset. While Thomas’ forecast is lofty, his view renews confidence and may draw more capital propping prices in the immediate term.


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