Bitcoin in Midst of Powerful Breakout: How Far Will BTC Price Go Past ,000?! | Crypto News Today

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Bitcoin is the new gold, said Thomas Fitzpatrick – a Managing Director in the giant multinational bank Citibank. 

He also predicted that BTC could skyrocket to $318,000 per Bitcoin in the upcoming 13 months by exploring several historical price cycles and the ongoing economic uncertainties.

Fitzpatrick has spent 22 years as the Global Head of Citibank’s G10 Forex business arm called Citi FX Technicals. Apart from analyzing the foreign exchange market, though, he recently explored the performance of gold and Bitcoin as outlined by a popular cryptocurrency commentator.

The Managing Director at Citibank emphatically noted in the report that “Bitcoin is the new gold.” He highlighted BTC’s limited supply and digital form as two of its most distinctive features.

Bitcoin also “moves across borders easily and ownership is opaque.” That last point is “very relevant” as “the huge Fiscal deterioration of today has a cost in the future, either directly or indirectly.”

Additionally, Fitzpatrick weighed in on the argument of how would central bank digital currencies (CBDCs) impact the primary cryptocurrency and world economies:

“This is a double-edged sword. On one side, it [CBDC] creates a much more effective mechanism for distributing stimulus (particularly fiscal), but on the other side, it also makes capital confiscation easier (e.g., negative interest rates.) Both these scenarios would look to me to be positive 

Bitcoin and in the 21st Century give us the digital equivalent (Bitcoin versus FIAT digital) of what we saw in the 20th Century when the financial regime changed (Gold versus FIAT paper).”

Apart from comparing BTC to gold, Fitzpatrick also examined Bitcoin’s historical price performances and provided a somewhat optimistic prediction, as the chart below demonstrates.

Fitzpatrick touched upon Bitcoin’s massive volatility and remarkable price developments during the last decade. He highlighted the two most significant market booms.

Those are BTC’s two-year-long rally from 2011 to 2013, where its price multiplied by “an incredible 555 times” and the latest major bull run that culminated in 2017’s all-time high of $20,000.

However, he also pointed out that a vicious bear market followed in both cases, which dropped BTC’s price by about 85%.

Fitzpatrick believes that Bitcoin is actually in a bull market now that started in December 2018 and could lead to groundbreaking price territories. As he noted that every new cycle is longer than the previous one, the current one could end in December 2021. This time horizon allows for BTC to explode in value and “move as high as $318,000.”

With Bitcoin’s price currently sitting at $16,000, such a 1,900% price surge sounds a bit far-fetched at the moment, to say the least.

However, it’s worth noting that Fitzpatrick’s model is not the only one that sees BTC reaching similar territory. The creator of the famous stock-to-flow model foresees $288,000 per coin by December 2021.

In other trending Bitcoin News today:

“Stocks Boom, Dollar Gloom: 5 Things To Watch In Bitcoin This Week”

Bitcoin (BTC) begins a new week with stocks rising and the U.S. dollar falling — all while trading back above $16,000. What’s next for price action?

1- Stocks near all-time highs while USD sinks

2- Bitcoin in 3rd highest weekly close

3- Institutions aren’t selling

4- Fundamentals trend upward

5- How much extreme greed is possible?

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

The EC meets in D.C. in 29 days. Nothing re election will resolve before then. #Bitcoin will hit 28,000

— Max Keiser (@maxkeiser) November 15, 2020

#Bitcoin Highest Weekly Closes:1. December 11-17, 2017 – $18953.002. January 1-7, 2018 – $16124.023. November 9-15, 2020 – $15976.644. November 2-8, 2020 – $15489.15

Next weeks/months are going to be fun.

— Jimmy Song (송재준) (@jimmysong) November 16, 2020

https://cryptopotato.com/bitcoin-price-to-reach-318k-by-december-2021-as-the-new-gold-citibank-director-says/

https://cointelegraph.com/news/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week

➡️ TEEKA TIWARI – The Investment of the Decade: http://2020.cryptonewsalerts.net

Crypto investors and hodlers alike are sitting on the edge of their seats, waiting to see what unfolds with the highly anticipated ‘Bitcoin Halving’ event that is scheduled to take place mid-May. 

Since the Bitcoin (BTC) inception in 2009, the halving (also known as halvening), is an event that takes place roughly every 4 years.

During the halving, block rewards are cut in half, which in turn, limits the supply of bitcoins.

To date, there have only been 2 Bitcoin halvings. From a historical perspective, during previous halvings, each time the Bitcoin price has reached all-time new highs: 

On November 28th, 2012, the first BTC halving occurred, which saw the BTC price increase from $11 to $1,000 around a year later.

During July 2016, the second halving took place and the price of Bitcoin was trading at around $700, and in 2017, the price skyrocketed to $20,000.

The third Bitcoin halving, which is scheduled to take place in May 2020 has seen some lofty predictions on Bitcoin prices.

Billionaire Bitcoin bull Tim Draper believes that the price of one BTC could rise to $250,000; Buffett’s Books founder Preston Pysh thinks that bitcoin could skyrocket to $300,000 after the halving; former Goldman Sachs hedge fund manager Raoul Pal predicts that the price of Bitcoin to hit $1,000,000 within 3 years; and Silk Road founder Ross Ulbricht predicted that it could hit an astronomical price of $333,000,000 per Bitcoin. 

In other trending Bitcoin News today:

Bitcoin Halving Searches Go Parabolic: BTC Price Could Follow For 2 Reasons Firstly, data from Google Trends indicates that there is a muddy yet apparent correlation between interest in the term “buy Bitcoin” and the term “Bitcoin halving,” suggesting the halving is convincing investors to buy BTC.

This assertion can be corroborated by on-chain data from Glassnode, a crypto analytics firm that has indicated two things over the past week:

Long-term Bitcoin investors have been accumulating more and more coins each day as the halving has drawn near.

In fact, they found that the “Bitcoin Hodler Net Position Change” metric just established a fresh yearly high.

There are more than 17,000 “new entities” joining the Bitcoin network each day, which was a level of retail involvement last seen at the start of 2019’s bull run.

This would suggest that should as the halving continues to increase in popularity, so too should the public’s propensity to buy Bitcoin.

Secondly, analyst “PlanB” found that Bitcoin’s price will get a strong boost in the wake of the halving.

The model, accurate to 95% R squared (accurate in statistics lingo), suggests Bitcoin will have a fair value of $50,000 to $100,000 after the halving.

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Bitcoin Halving Searches Go Parabolic: BTC Price Could Follow For 2 Reasons

https://www.bloomberg.com/news/articles/2020-04-25/get-set-for-bitcoin-halving-here-s-what-that-means-quicktake

https://www.forbes.com/sites/lukefitzpatrick/2020/04/27/bitcoin-halving-a-new-class-of-bitcoin-millionaires-may-emerge/#513b674161fc

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