Tom Fitzpatrick, Global head of CitiFX, has stated bitcoin could see $318,000 by December 2021.
If Fitzpatrick’s prediction is correct, this “would only be a low to high rally of 102 times (the weakest rally so far in percentage terms) at a point where the arguments in favour of Bitcoin could well be at their most persuasive ever.”
According to Fitzpatrick, bitcoin is often portrayed by “unthinkable rallies followed by painful corrections.”
Fitzpatrick speculates the time between the last two bull runs has maintained relative stability for approximately 12 months.
This would place bitcoin in the middle of a bull run, beginning in early 2019 and would potentially run for four years until late 2022.
Charting “what looks like a very well defined channel” over seven years produced Fitzpatrick’s prediction of a $318,000 Bitcoin price in December 2021.
This year the United States Federal Reserve has increased new money production after the COVID-19 pandemic occurred, which Fitzpatrick believes will help bolster the BTC price.
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