Bitcoin to the top? – For Bitcoin, the return to its high of 20,000 dollars does not dream enough of its most optimistic fans. The latter see the price of BTC at least at 100,000 dollars , or even more, as we will see here with … a banker , and not least.
„Bitcoin: the gold of the 21st century“
It is under this title that begins a report by Tom Fitzpatrick , CEO of Citibank , a famous multinational banking company based in New York City.
To explain his enthusiasm for Bitcoin Evolution, the banker makes the comparison between the gold market since the 70s and the cryptomonanies market.
The great bull market in gold metal began when President Richard Nixon ended the gold standard in August 1971 . The fixed parity of 35 dollars for an ounce of gold (31.1 g) gradually gave way to a slow, but strong devaluation of the dollar , to the point of reaching 2,000 dollars for an ounce of gold during this period. summer 2020.
The monetary inflation and the devaluation of the dollar and are the basis for the comparison of Tom Fitzpatrick between Bitcoin and gold:
“Bitcoin’s price movement occurred following the Great Financial Crisis (of 2008) which saw a major shift in monetary policies, as we moved to 0% interest rates. “
In other words , free money , since it is not loaned against any return of interest, or almost.
BTC $ 318,000 within a year?
According to Tom Fitzpatrick’s technical analysis model, not only could bitcoin rally to its old all-time high of $ 20,000 as early as January-February 2021 , it could even hit a target of $ 318,000 before the end of the year. ’next year.
“You can see very symmetrical price action over the last 7 years [of BTC trading], forming what appears to be a very well defined channel. This would give us a new upward movement of a similar duration to the last recovery (in 2017). “
With the Covid-19 crisis, the big banker notes that governments are ready for all monetary impressions to revive the economy. This would support this new Bitcoin explosion.