Copy link
Increase text size
Decrease text size
Link copied

Bitcoin (BTC) could soar above $300K by December next year, says Citibank exec

Market players have been predicting Bitcoin's rally in the coming months.

Image by Pete Linforth from Pixabay

Tue, 17 Nov 2020, 09:21 am UTC

Bitcoin, which has been inching up higher in recent weeks, was finally able to breach the $16,000 and managed to sustain its gains. The token’s price hike naturally spawned a number of speculations with the more optimistic ones saying that BTC might eventually soar above $300K by next year.

The prediction came from Tom Fitzpatrick, Citibank Group’s Global head of Citifxtechnicals product, according to Bitcoin.com. In a report titled “Bitcoin: 21st Century Gold,” he said that the BTC rally could reach its peak in December 2021 at $318,000.

He acknowledged that while his prediction might appear improbable, such a price surge will actually be the weakest rally for the cryptocurrency. The report likewise noted that Bitcoin is known for its “unthinkable rallies followed by painful corrections,” a pattern that will likely continue in the future.

“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” Tom Fitzpatrick wrote in the report, according to Cryptonewsyes.com.

“Bitcoin is the new gold,” the report stated. Fitzpatrick believes that the digital currency’s price trajectory appears to be similar to that of gold in the 1970s.

Gold traded in the $20-$30 range for 50 years before structural changes were implemented in the 1970s. This resulted in a surge in the precious metal’s price as it established a new all-time high in August before trading at around $1,900 per ounce.

Companies have recently been acquiring Bitcoin as part of their treasury reserve due to fears that fiat currency might depreciate due to governments’ money printing activity in response to the coronavirus pandemic. For instance, Nasdaq-listed Microstrategy bought 21,454 Bitcoins (BTC) for $250 million in August, saying that it views the cryptocurrency as a “dependable store of value that is superior to cash in terms of appreciation potential.”

Tom Fitzpatrick is not the only one expecting Bitcoin’s price to rise to six-digit levels by December 2021. “People ask if I still believe in my model,” PlanB, author of the Bitcoin stock-to-flow (S2F) price model, wrote on Twitter on November 8. “To be clear: I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • GeorgeAnderson
  • 2020.11.20 19:10:09
Because of my zeal to give my family a better life, I searched for how to invest in bitcoin so I can earn more money, I came across Legit Crypto Traders email address and I emailed them to guide me on how to invest in bitcoin and they explained everything to me it's was simple and then I invested $1,000 dollars and 5 days after I got $10,000 dollars I was very happy because now i can take good care of my family. If you want to invest in bitcoin Email them now at legitcrypt[email protected] or WhatsApp +1(256)251-3614 and you can invest with any amount of money such as 

$100 dollars to get $1,000 dollars 

$200 dollars to get $2,000 dollars

$500 dollars to get $5,000 dollars

$1,000 dollars to get $10,000 dollars

$5,000 dollars to get $50,000 dollars

$10,000 dollars to get $100,000 dollars

$50,000 dollars to get $500,000 dollars

$100,000 dollars to get $1,000,000 dollars
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Jan 27, 2021 (Wednesday)
13:02
BTC Surges by 1.02% Within 5 Mins, Marking 30,954 USDT
11:43
BTC Drops by 1.01% Within 5 Mins, Marking 31,271.8 USDT
10:40
F2Pool To Suspend Payment Of CKB Mining Earnings On Jan 28
10:18
Whitepaper Of MOV Lending Protocol Released
10:02
BTC Tops List Of Crypto Net Outflows With $102.40 Mln In Past 18 Hours
09:59
UN Stamps Launches Ethereum-Powered UN Crypto Stamp
09:55
Huobi Global To Suspend ADA Deposits And Withdrawals
09:54
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit
09:35
Ripple Client ACI Chosen For Fed’s Pilot Program, While One More Exchange Joins RippleNet
09:14
BTC Drops Below 31000 USDT
09:05
CoinNess DeFi Report: Assets Locked In DeFi Mark $35.74 Billion
08:54
Furucombo Partners With Synthetix
08:24
EY’s Paul Brody Expects Consumer DeFi Ignition In 2021
08:22
F2Pool: VTC Is Expected To Conduct Hard Fork On Jan 30
08:19
Independent Reserve Announces To Delist BSV
07:14
OKEx: Props Token (PROPS) Now Available
06:30
Ripple Hit With Yet Another Lawsuit Over Securities Law Violations
06:21
Effective Hashrate Of Filecoin's Entire Network Marks 2.116 EiB
06:19
24H Trading Volume Of Uniswap Tokens Marks $710 Mln
04:54
Plasm Network announced that ZK Rollups integration test has been successfully completed.
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft