When someone is placing a bet on his prediction regarding Bitcoin then the challenger will need to be extra cautious. Even if the prediction seems odd or absurd but one cannot be sure if the prediction will come true or not.
In past 24 hours Bitcoin’s value had gone down from US$ 16,100+ to US$ 15,500+ but predictions are still forthcoming.
A few days back, Arcane Assets’ CEO Eric Wall had predicted that by 2021 Bitcoin will be traded over US$100,000. But today Thomas Fitzpatrick who is the MD of Citibank had also predicted his own viewpoint regarding Bitcoin. Thomas had recently prepared a report which was developed for the use by its clients.
In this report Thomas conducted Bitcoin’s technical analysis and predicted its price to be US$318,000 by the end of 2021. The report also backed the prediction by suggesting that Bitcon’s price is dependent upon major leaps in its prices. He added further that the major leaps are the essential components which determine its drive for long-term sustainability.
Though Thomas’s report was not meant for crypto enthusiast, however, it went viral on a crypto-community by a twitter account-holder. Later on crypto community commented that like them Thomas too had proved to be a fan of Bitcoin. Thomas in his report then went on to compare Bitocin’s 2010 and 2011 price trend with that of gold in 1970. He explained that before the Gold went onto the rollercoaster ride in 1970, its range was between US$ 20 to 35. However, an unexpected happened when a change was brought into fiscal policy by Administration of the then US President Nixon.
Thomas prediction is also backed by various factors which have the potential of taking Bitcoin to unimaginable heights. He said that the US$ 100,000 and above price is possible because there are various factors which can make that happen.
He pointed out a three major reasons, firstly, the exponential increase in the numbers of individual and institutional investors for Bitcoin. Secondly, the lesson learnt during pandemic that global economy needs alternate solutions as backup plan such as digital currencies. In particular, the continuous growth of Bitcoin during the times of crisis. Thirdly, Bitcoin’s mass adoption and its further integration into mainstream systems, as had been done by PayPal recently.