A recent Bitcoin (BTC) technical analysis prepared by CitiFX for its institutional clients points to a potential high of $318,000 sometime in December 2021.
As highlighted by Twitter commentator Alex on Nov. 14, the exact figure is of little value over such a long time frame. However, the analysis does suggest that Bitcoin “price is likely to continue to go up, and a lot.”
Describing Bitcoin as 21st-century gold, the analyst, Tom Fitzpatrick, first looks at the long-term trend of Bitcoin price, characterized as it has been by, “unthinkable rallies followed by painful corrections.”
Notably however, the three major bullish periods of BTC so far have been increasing in length. Initially, there was a 10-month run from 2010–2011, followed by a two-year run from 2011–2013, and finally a three-year run covering 2015–2017.
Conversely, Fitzpatrick posits that the period of correction following the last two bull runs has remained stable at around 12 months.
This, according to the analysis, places