U.S.-established financial giant Citibank's senior analyst has composed a statement describing comparisons between the 1970s gold market and bitcoin.
The whole of bitcoin’s presence has been identified by significant price swings, “exactly the kind of thing that sustains a long-term trend,” told the global leader of the firm's CitiFXTechnicals market insight product Thomas Fitzpatrick in his statement only meant for the bank’s institutional customers.
At first, this report was leaked to the cryptocurrency society by Twitter user “ClassicMacro” in a tweet on Saturday, marking Fitzpatrick is “a big fan of moon targets.”
Fitzpatrick showed to bitcoin’s weekly chart and related technical study (TA) of previous highs and lows to define a target of $318,000 by December 2021.
“This kind of technical analysis is of little value,” ClassicMacro said in his tweet. “There is no edge in guessing targets so far in time with TA. All we know is that price is likely to continue going up.”
The Citibank executive outlined bitcoin’s 2010-2011 “exponential move” as being “very reminiscent” of the 1970 gold market. Gold had experienced 50 years of a contracted $20–$35 price field before a breakout happened after a revolution in fiscal policy by the Nixon presidency in 1971.
According to Fitzpatrick decoupling of gold from fiat currencies, through the COVID-19 pandemic, and the passion for central banks to continue threatening quantitative easing policies could drive future dangerous price growth in bitcoin.
“Readers love this,” stated ClassicMacro. “What matters here is Citi’s clients being exposed to the bitcoin moon.”
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