➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
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://cointelegraph.com/news/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week
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Bitcoin’s Symphony: Bobby Lee, Crypto Veteran, Anticipates Big ‘Crescendo’ in Super Bull Market Top
In the ever-dynamic world of cryptocurrency, Bitcoin continues to be a focal point of discussion and speculation. The latest headline-making statement comes from none other than Bobby Lee, a prominent figure in the crypto space, who suggests that Bitcoin has yet to experience the grand ‘crescendo’ that signifies the top of a super bull market.
Bobby Lee, a seasoned veteran in the cryptocurrency industry, has long been known for his insights and predictions. In this latest revelation, he points to the notion that the cryptocurrency market, particularly Bitcoin, has not yet witnessed the climax of a ‘crescendo’ moment that typically characterizes the peak of a super bull market.
The article in question delves into Bobby Lee’s perspective, hinting at the possibility of a more significant and awe-inspiring phase for Bitcoin on the horizon. The term ‘crescendo’ invokes imagery of a grand musical climax, a moment of heightened intensity and culmination. In the context of Bitcoin, this could imply that the cryptocurrency has more room for growth and transformative moments that are yet to unfold.
Lee’s statement sparks intrigue among investors and enthusiasts, raising questions about what might constitute this elusive ‘crescendo’ in the world of Bitcoin. As the cryptocurrency market is known for its unpredictability, such comments from industry veterans add a layer of anticipation to the ongoing narrative of Bitcoin’s evolution.
For those closely following the trajectory of Bitcoin, Lee’s perspective may fuel speculation about potential catalysts or events that could contribute to the much-anticipated ‘crescendo.’ Whether it involves broader institutional adoption, regulatory developments, technological breakthroughs, or other unforeseen factors, the crypto community remains on the lookout for signals that could mark the zenith of a super bull market.
As with any market predictions, it’s crucial for investors to approach these insights with a balanced perspective. While Bobby Lee’s experience and track record lend credibility to his statements, the cryptocurrency landscape is complex, and multiple variables can influence its trajectory.
In the symphony of Bitcoin’s journey, Bobby Lee’s suggestion of an impending ‘crescendo’ adds a new note of excitement. As the crypto community eagerly awaits the next movements in the market, all eyes will be on Bitcoin to see whether it can indeed reach new heights and deliver the crescendo that Bobby Lee envisions.
