Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick expects to see the price of bitcoin peaking at $318,000 by end of 2021. Although he concedes that his prediction might seem improbable, Fitzpatrick argues that such a surge will still be the weakest rally for the digital asset when compared to other assets such as gold. He also adds that bitcoin is all about the”unthinkable rallies followed by painful corrections.” Bitcoin will see huge price swings before finally settling at the predicted price suggests Fitzpatrick.
Writing in a report titled, Bitcoin: 21st Century Gold, Fitzpatrick makes the surge argument for bitcoin. He says the digital gold’s current trajectory appears to be similar to that of gold in the 1970s.
Before structural changes were implemented in the early 1970s, gold had spent 50 years of trading in the $20-$35 range. However, after changes were instituted gold surged. It recently touched