A recent Bitcoin technical analysis prepared by CitiFX for its institutional clients points to a potential high of $318,000 sometime in December 2021.
As highlighted by Twitter commentator Alex on Nov. 14, the exact figure is of little value over such a long time frame.
The analysis does suggest that Bitcoin "Price is likely to continue to go up, and a lot."
Describing Bitcoin as 21st-century gold, the analyst, Tom Fitzpatrick, first looks at the long-term trend of Bitcoin price, characterized as it has been by, "Unthinkable rallies followed by painful corrections."
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 at a point where the arguments in favour of Bitcoin could well be at their most persuasive ever."
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.
Citibank makes tentative $318K Bitcoin prediction for December 2021
Publicado en Nov 16, 2020
by Cointele | Publicado en Coinage
Mencionado en este artículo
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.