Tencent Securities News on November 16th, Thomas Fitzpatrick, managing director of Citigroup’s currency strategy, recently pointed out in a report that Bitcoin has similarities with the gold market in the 1970s. By 2021 In December, the price of Bitcoin may exceed $300,000.
Fitzpatrick stated in a report dedicated to Citigroup’s institutional clients that Bitcoin’s entire existence is characterized by large price fluctuations. “It’s this kind of thing that maintains Bitcoin’s long-term trend.” Last Saturday, a person A Twitter user named "ClassicMacro" was the first to leak this report to the cryptocurrency community, emphasizing that Fitzpatrick is a "big fan of grand goals." Z2z
Fitzpatrick analyzed the weekly chart of Bitcoin in the report. Through the technical analysis of Bitcoin's past lows and highs, the target price of Bitcoin in December 2021 is set at $318,000.
"This kind of technical analysis is of little value," the user "ClassicMacro" tweeted and commented. "So far, there is no advantage to using technical analysis to predict Bitcoin's target price. We only know that Bitcoin will continue to rise." Z2z
Fitzpatrick also stated in the report that Bitcoin's 2010-2011 " Index trend" reminded him of the gold market in 1970. In the previous 50 years, gold has been operating in the price range of 20-35 dollars. In 1971, the price of gold began to break through after the Nixon administration changed its fiscal policy. He also said that the decoupling of gold from legal tender, the new crown pneumonia epidemic, and the possibility of aggressive quantitative easing policies implemented by central banks will lead to an explosive increase in the future price of Bitcoin. (Wei Young)
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