The United States-based financial services giant Citibank’s senior analyst Thomas Fitzpatrick has said that Bitcoin may be able to enter into the six-figure price level by the end of December 2021. This extremely bullish prediction by the Citibank analyst has come amid the ongoing bull trend in which Bitcoin has seen its price value going as high as to reach $16,668 as of the 17th of November. While describing the bullish case scenario for Bitcoin, Fitzpatrick also drew a comparison between the world’s largest digital currency by market cap and the gold market of the 1970s.
Bitcoin (BTC) to Go as High as $318K by Dec 2021
As per Thomas Fitzpatrick’s prediction, the top-ranked digital asset will surge as high as to reach $318,000 in the next thirteen months. Bitcoin will have to record a rally of more than 1900 percent in order to reach this significant price level by the end of December 2021. Currently, Bitcoin’s price value is standing at around $16.6k at the press time. However, the coin has a bullish sentiment in the market. The Citibank analyst expects Bitcoin’s current bull market to grow further until the price of the coin skyrockets to the level he has predicted.
Fitzpatrick has given this bullish prediction after examining the historical background of Bitcoin and looking at the price performances of the coin. Specifically, he talked about the extreme volatility of Bitcoin during the past ten years. While talking about the volatile behavior of Bitcoin, he mentioned two significant bull cycles of the coin. In the first bull cycle that remained between 2011 and 2013, the price value of Bitcoin surged by 555 times. The second one occurred in the year 2017 when the leading digital currency recorded its all-time high value at around $20k.
Bitcoin is the New Gold
Moreover, he compared Bitcoin with that of the gold market of the 1970s with a major focus on similarities between these two. He outlined the two unique features of Bitcoin which are its digitized form and its limited supply. He called Bitcoin the new gold of the 21st century.