Share this article
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior executive at U.S. financial giant Citibank has released an internal report drawing on similarities to the 1970s gold market and bitcoin.
Updated Sep 14, 2021, 10:31 a.m. Published Nov 16, 2020, 8:34 a.m.
In this article
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The whole of bitcoin's existence has been characterized by major price swings, "exactly the kind of thing that sustains a long-term trend," said Thomas Fitzpatrick, global head of the company's CitiFXTechnicals market insight product, in his report solely intended for the bank's institutional clients.
The report was first leaked to the cryptocurrency community by Twitter user "ClassicMacro" in a tweet on Saturday, noting Fitzpatrick is "a big fan of moon targets."
Fitzpatrick pointed to bitcoin's weekly chart and used technical analysis (TA) of prior highs and lows to determine a target of $318,000 by December 2021.
"This kind of technical analysis is of little value," ClassicMacro commented 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 drew on bitcoin's 2010-11 "exponential move" as being "very reminiscent" of the 1970s gold market. Gold had experienced 50 years of a constricted $20–$35 price range before a breakout occurred after a change in fiscal policy by the Nixon administration in 1971.
See also: Bank of England Official Balks at Shielding Banks Against Digital Currencies: Report
A decoupling of gold from fiat currencies, the COVID-19 pandemic and the desire for central banks to pursue aggressive quantitative easing policies could lead to future explosive price growth in bitcoin, according to Fitzpatrick.
"Readers love this," commented ClassicMacro. "What matters here is Citi's clients being exposed to the bitcoin moon."
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
TON Edges Higher to $1.64 as Consolidation Phase Continues
Technical indicators suggest a slow base-building phase, but TON's price movement is likely to be influenced by today's Fed announcement.
What to know:
- Toncoin (TON) rose 1.6% in the past 24 hours, underperforming the wider cryptocurrency market which gained nearly 3% ahead of the US Federal Reserve interest rate decision.
- Trading volume was weak, falling 6.91% below seven-day averages, and buyers failed to sustain momentum above key levels, keeping TON rangebound between $1.61 and $1.69.
- Technical indicators suggest a slow base-building phase, but TON's price movement is likely to be influenced by today's Fed announcement, with a hawkish tone potentially capping gains.
Top Stories
