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11/17/2020, 6:26 am
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Is there a golden future for Bitcoin? If you believe a US expert, then definitely, because he also provides good reasons for this assumption.
Thomas Fitzpatrick is a senior analyst at US-based financial giant Citibank. The Citigroup company is one of the largest service providers in the world for private customers. The global head of the market insight product CitiFX-Technicals has now written a report in which he looks at similarities between the gold market of the 1970s and Bitcoin. He relies on Bitcoin’s “exponential step” between 2010 and 2011, which is very reminiscent of the 1970 gold market.
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For a long time, gold was in a price range of 20 to 35 US dollars before it broke out in 1971 as a result of a change in financial policy under then US President Richard Nixon. Fitzpatrick now expects a similar development with Bitcoin. He cites the Covid 19 pandemic and the central banks’ aggressive desire for looser guidelines as reasons for the suspected explosive price growth.
Report published on Twitter
The entire existence of Bitcoin has so far been marked by large price fluctuations, writes Fitzpatrick in his report, and that would be “exactly what supports a long-term trend.” The report was actually intended exclusively for the bank’s institutional customers but was leaked on Twitter on Saturday. The Twitter user “ClassicMacro” published content in a tweet and passed on information to the entire cryptocurrency community.
In his report, the analyst refers to Bitcoin’s weekly chart and, using a technical analysis of previous highs and lows, calculated a value of 318,000 US dollars by December 2021. The user who shared the report on Twitter, however, thinks little of this type of technical Analysis, however, also indicates that he himself expects the price to continue to rise. In his tweet he also added that Fitzpatrick had always been a big fan of “moon targets”.
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