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With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading cryptocurrency.Â
The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.
Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.
âImprobable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),â with arguments in favor of Bitcoin at their most persuasive ever, he wrote.
The report notes how Bitcoin is all about âunthinkable rallies followed by painful correctionsâ but a type of pattern that sustains a long term trend.
As such though itâs to be seen if such lofty levels will be hit, âthe price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,â reads the report whose snippets were first shared by trader and economist Alex Kruger.
Although âthis kind of technical analysis is of little value,â Kruger noted, âwhat matters here is Citiâs clients being exposed to the bitcoin moon.â
Citibank compared the digital assetâs first rally that took it to the mainstream with gold, which similarly âwas allowed to float in the early 1970s after 50 years of trading in a $20-$35 range.â
And that was a âstructural change in the modern-day monetary regimeâ ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.
In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called âyesterdayâs newsâ in terms of a financial hedge.
âBitcoin is the new gold,â reads the report.
The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.
The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, âmakes capital confiscation easier.âÂ
In both the scenarios, Bitcoin will 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).Â
In other trending Bitcoin News today:Â
Incoming Senator Hopes To âBring Bitcoin Into The National Conversationâ
In a clip that has been widely circulating on Twitter, the soon-to-be-senator representing Wyoming â possibly the highest ranking US official to ever speak so glowingly of the digital currency â cited her experience as a former state treasurer for why she believes in Bitcoinâs future.
âIâm a former state treasurer and I invested our stateâs permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. Itâs 21 million Bitcoin will be mined, and thatâs it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.â
The Senator also appeared to brush off GMA3 host Sara Hainesâ implication that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges at all.
As Cointelegraph has previously reported, Lummis is an early adopter of Bitcoin, having first picked up the currency in 2013 following a tip from her son-in-law, Will Cole, who works at cryptocurrency services firm Unchained Capital.Â
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MINDBLOWING
Grayscale just bought another 15,114 #Bitcoin which has increased the overall holdings to 506,000 $BTC. This accounts for more than 2 percent of the global Bitcoin supply.
â The Moon đ (@TheMoonCarl) November 15, 2020
3/ Given current trajectory, I expect price to approach the 350dma x 2 around $22-24k.
Maybe we need to correct there for a while due to FOMO kicking in having breached ATH? pic.twitter.com/xcyuxuSewS
â Philip Swift (@PositiveCrypto) November 12, 2020
Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace
https://bitcoinexchangeguide.com/bitcoins-moon-target-set-at-318000-in-december-2021-by-citibank-report/
https://cointelegraph.com/news/incoming-senator-hopes-to-bring-bitcoin-into-the-national-conversation
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