Tom Fitzpatrick #Bitcoin peaking at $318,000 by end of 2021.

BITCOIN $17,578.00  11:57 am  11/17/2020

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.

Similar Trends

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 a new all-time high in August before settling at just under $1,900 per ounce.

According to one report that analyzed Fitzpatrick’s paper, it is this “structural change in the modern-day monetary regime that ushered in a world of fiscal indiscipline, deficits, and inflation.” Therefore, the Citibank boss argues that bitcoin, which came to the fore at the aftermath of the “Great Financial crisis” of 2008-2009, is bound to have a similar run.

With the Covid-19 pandemic still hemorrhaging economies around the world, governments will continue responding to the crisis by printing more money. This in turn will benefit safe-haven assets which perform well in inflationary periods.

Bitcoin Better Than Gold

Still, Fitzpatrick explains that although gold is expected to benefit from the deluge of new money entering circulation, the precious metal has unique limitations that do not seem to afflict bitcoin. In his write up, Fitzpatrick notes:

Gold has restrictions such as storage, non-portable, and could possibly be even called ‘yesterday’s news’ in terms of a financial hedge. Bitcoin is the new gold.

To support this view, the Citibank boss cites some of bitcoin’s key attributes which include the digital currency’s “limited supply, ease of movement across borders, and opaque ownership.” Consequently, Fitzpatrick believes more investors will choose bitcoin over gold as a result.

Meanwhile, Fitzpatrick predicts that bitcoin will be subjected to more regulatory constraints going forward.

However, unlike other digital currencies such as central bank digital currencies (CBDCs), bitcoin cannot be confiscated, therefore making it a more secure asset.

THIS IS NOT FINANCIAL ADVICE
DO YOUR OWN RESEARCH
Pick up a few satoshi’s.
Bring on more regulations.
F
ew understand a fix supply.

https://twitter.com/AnthonyDessauer
Everyone is waiting for the FOMO. It’s not going to be like 2016. The big boys have come to play. They don’t FOMO. They dominate. The positions they take will be colonial. They have long time horizons and they are not buying bitcoin with paychecks. This bull run will cause suicides. When dumbass traders realize what they had in their hands that they sold for a measly 2-3x. Working class wholecoins will start to be few and far between. Because buying a whole coin will require you to sell your house. This next 4 years is not just “the next cycle” it’s the next phase. Where governments will have to respond. Where criminals are going to step up their game. Where publicly declaring that you have a whole bitcoin could be dangerous to you and you’re family. This bull run is not going to be a retail FOMO extravaganza. This
bull run is the beginning of the fall of fiat. This bull run will cement Satoshi’s white paper as one of the most important documents in human history. There will be no 80% correction. There will be no fall from $300,000 to 50k.

@Grayscale is not a weak hand.

@MicroStrategy is not a weak hand.
@Fidelity is not a weak hand. The institutions that are buying bitcoin couldn’t give a shit about “when Lambo”. They get lambos for free. They control governments. People expect that hyperbitcoinization will occur with government adoption. The companies that are and will buy in the next year, are the ones that have governments in their pockets. They will be no 80% correction.
FOMO denotes a parabola caused by intense emotional buying. Yes, retail emotions will happen. But it’s ability to cause a parabolic swing or an insane correction will be mitigated because retail will be the small fish. The big fish are here now.
Retail FOMO is one guy on his phone with lottery dreams. Institutional FOMO requires CFO approval, board approval, regulatory compliance, etc. Companies can’t really FOMO like retail. Maybe a few but not most. It’s a process not just a click.
Yes. The 2016 metrics people are waiting for may not come. Supply is being acquired by a new type of buyer who does not google “how do I buy bitcoin”. They do not FOMO, they quietly discuss how to move forward in boardrooms. Then execute according to a plan.
Big is a relative term. The boys who just entered the play ground are much bigger then the boys who are there. And yes, at some point In time even bigger boys will show up.
The whales of tomorrow are not the whales of yesterday. Manipulating a $ X trillion dollar asset requires much more effort. Manipulating an $ XX trillion dollar market requires a military.
Might I add, I went into hiding because of the dangers of owning Bitcoin! I only resurfaced because of Covid19 boredom! You are right that possessing 1BTC will NOT BE SAFE!

 

 

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