$300k BTC in 2021 says Citibank

[percare 3192]

  We discuss price and we know we are over optimistic to make predictions for Bitcoin for the next year. And the most bullish scenario comes from what was an enemy for Bitcoin for many years, banks. We have seen JPMorgan being bullish on Bitcoin saying that Bitcoin could triple in price in 2021, and now it is Citibank that made the prediction for Bitcoin price by the end of 2021 at $300,000.

There was a leak of a Citibank analysis on Bitcoin coming from Citi analyst Tom Fitzpatrick.

Quote

“price of Bitcoin is likely to continue to go up, and a lot.” - Citibank 2020

Source: https://twitter.com/classicmacro/status/1327381449000034307/photo/1

 

A short piece of this report explains how Citibank views Bitcoin today:

Source: https://twitter.com/classicmacro/status/1327381449000034307/photo/2

 

More about this: https://news.bitcoin.com/citibank-executive-says-bitcoin-will-trade-at-318000-by-end-of-2021/

 

 

Edited November 16, 2020 by percare

[Tom Brandon 226]

Actually i have seen some crypto experienced people predicted bitcoin price.Most of the people said bitcoin price will rise up more and more.I think Citibank prediction can be happen.

[kyoukage01 3181]

Bitcoin's price will surely increase over the years, but $300k+ by 2021 is a bit of an overkill. And just because prominent banks predict its price doesn't necessarily mean that they fully embrace Bitcoin, and cryptocurrency in general, as regular currency.

 

At least banks acknowledge that BTC can be compared to gold at this point in time.

Quote

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."

source: https://news.bitcoin.com/citibank-executive-says-bitcoin-will-trade-at-318000-by-end-of-2021/

There is also the point where Bitcoin is superior to gold in other aspects which was mentioned in the article. It looks like the banks are slowly softening up their stance on cryptocurrencies over the years.

 

[annayks 2314]

It will be something unbelievable for this to happen but if we see how Bitcoin is rising lately it becomes more possible for this prediction to become real. I would be happy with half of this price too. Citi is a major bank and I think that when predicting prices then we should listen to them.

[rekter 8129]

On 11/18/2020 at 7:05 AM, kyoukage01 said:

Bitcoin's price will surely increase over the years, but $300k+ by 2021 is a bit of an overkill. And just because prominent banks predict its price doesn't necessarily mean that they fully embrace Bitcoin, and cryptocurrency in general, as regular currency.

I believe it's possible and this could be the third leg of elliott wave theory. The market cycle seems to obey the 4 year halvings and the end of 2021 price just might as well be 300k if this keeps up.

 

But at the same time i am a little worried because the TA on it seems too direct and obvious. And nothing is ever obvious in trading. And with that rise would bring several problems because next retrace would just be be harder and more brutal then ever. And if indeed it's a 3rd leg what's happening now, that recovery will take ages. I might even try to short bitcoin soon after that 300k breaks. Or i leave cryptocurrency scene for a while, because everything would become so uncertain. 

 

But what you said about banks, i totally agree. They won't see this as a currency, not in a million years. And they will probably end up fighting against this as they can.

[kyoukage01 3181]

12 hours ago, rekter said:

I believe it's possible and this could be the third leg of elliott wave theory. The market cycle seems to obey the 4 year halvings and the end of 2021 price just might as well be 300k if this keeps up.

Thanks for that enlightening explanation. But one year is still a long time, and anything can happen by the time the year ends. For one thing, almost nobody expected in 2019 that BTC will sink that low to the tune of ~$4,000 back in March. Who knows what else is in store for us for 2021?

 

And if "history repeats itself" as every soothsayer will say, then the current $18,000 per 1 BTC we have now may fall flat on its face sooner or later like what happened back at 2017, and BTC prices might start to pick up slower after that.

 

Edited November 20, 2020 by kyoukage01

[rekter 8129]

5 hours ago, kyoukage01 said:

Thanks for that enlightening explanation. But one year is still a long time, and anything can happen by the time the year ends. For one thing, almost nobody expected in 2019 that BTC will sink that low to the tune of ~$4,000 back in March. Who knows what else is in store for us for 2021?

 

And if "history repeats itself" as every soothsayer will say, then the current $18,000 per 1 BTC we have now may fall flat on its face sooner or later like what happened back at 2017, and BTC prices might start to pick up slower after that.

 

Yeah, it can be a bouncy ride and nothing is certain. And imho faster we get up, there's a change that we don't follow the current pattern. and we peak in way lower. 

 

But i don't think that they mean same price when they say "history repeats itself", but they mean chart patterns and that things will happen in scale. Btc marketcap has already broken ATH for a while ago, meaning that Bitcoin as a whole is already more valuable then ever.

 

We don't know yet what kind of dominance bitcoin will have at the end of 2021 but i actually wrote on prediction how this could play out for eth: https://cryptotalk.org/topic/325273-next-ath-and-what-comes-along-with-that/?tab=comments#comment-10236642

 

(I should actually read that today again for possible errors and typos. I was very tired while writing that and i need to check everything out. I will edit them after that writing competition is over because i don't think i am supposed to do that with a compo entry yet.) 

[Sykkuno 2887]

I've read this, it means a lot although I have also read more from this citibank exec and he is always excagerating in previous years about gold and silver. Bitcoin has a chance for big prices and maybe this price is the ultimate top target for next year, and very difficult to happen.

[barancell12 89]

Bitcoin's $ 300,000 doesn't seem like a realistic target for now. Of course, we think Bitcoin will be trending now. But it would be really interesting if it folds as much as its current price. We'll wait and see what time shows.

[duncun007 3577]

i think that prediction by citibank is whats pumping bitcoin now, because everyone wants to buy it now while its still at low price, but I still think we are still early to go up that high, because we dont see trillions coming into bitcoin yet.

[percare 3192]

2 hours ago, duncun007 said:

i think that prediction by citibank is whats pumping bitcoin now, because everyone wants to buy it now while its still at low price, but I still think we are still early to go up that high, because we dont see trillions coming into bitcoin yet.

You are right, we don't need to see prices rise to fast. Perhaps with $100k we should be more than happy, if this price ever happens. There is many news appearing all of the sudden by big banks and discussions by important people. It can be that next year price will go there but I don't think it will be a good thing either and it will be a top of another bubble.

[Frodler 943]

These predictions keeps surfacing, every enterprise and individual with his/her own kind, but on a general consensus I think $3000 is too ambiguous for the year 2021,may be in 5 to ten years these predictions can be obtainable 

[Fixfin 2569]

Probably the reason prices keep rising today as well with some news I've heard from Blackrock endorsing Bitcoin and calling it a store of value. Bitcoin moves very fast and I hope that nobody sold too early. It is not going to stop and you don't know where the top will be. It is bullish and selling or shorting can be a mistake. I have said that for weeks.

[duncun007 3577]

58 minutes ago, percare said:

You are right, we don't need to see prices rise to fast. Perhaps with $100k we should be more than happy, if this price ever happens. There is many news appearing all of the sudden by big banks and discussions by important people. It can be that next year price will go there but I don't think it will be a good thing either and it will be a top of another bubble.

i wouldn't call it top of a bubble my friend, but its the cycle of the bitcoin market, and right now we are in euphoria where everyone wants to buy it at all costs which keeps pushing the price up.

[percare 3192]

27 minutes ago, duncun007 said:

i wouldn't call it top of a bubble my friend, but its the cycle of the bitcoin market, and right now we are in euphoria where everyone wants to buy it at all costs which keeps pushing the price up.

I called it a bubble but it doesn't mean it is always a bubble. It is happening again and again, it rises a lot and then drops 80%. But it always is above where it began and each year is making a higher low.

Edited November 20, 2020 by percare

[Ridam 7455]

Well this time institution are coming for investment in Bitcoin. PayPal will buy bitcoins for it's users, Square Cash App is projected to buy newly mined Bitcoins. Also Micro strategy is also into the investment for Bitcoin which clearly shows Bitcoin is really a great asset for Investment and the demand is growing everyday for it. And because kf halving there are only 6.5 btc per block which is also major causes of spike in price and such prediction from the CitiBank.

JP Morgan has changed it's decision regarding Bitcoin, now Citibank the whole situation looks heating for the Bitcoin demand.

And I don't know it would be true or not, But I have read a prediction that Amazon is also going to accept Crypto in 2021. Let's see Amazon accept the trend like PayPal or not.

And because of all these factors, 300k is the prediction done by CitiBank in my view.

[yonkii 3205]

Very interesting, I wouldn't expect a banker to be so bullish on Bitcoin. It doesn't look that this price can happen easily though. It will be extreme for just a year for Bitcoin to make it to such price, not because it hasn't done that in previous years, but because it will require trillions of dollars to flow in Bitcoin to make it worth this much. And trillions of dollars perhaps don't exist.

[Yomose 3704]

This is how many organisations predict with good or solid evidence, I do not think they have good reason for it for now. Bitcoin will one day increase and beyond $300000 but it is not now. I like people that are first commenting about bitcoin to be $100000. A coin that has not gotten to $50000 that they are saying will get to $300000 in just a year. That is definitely will be a lie. 

[cryptovlek 2597]

I think this is an inside document that was leaked but it was probably made like that, to leak into public by this executive, after he bought big. Many banks are giving positive remarks for a while now and this is helping price. But makes me think what is the plans the Citibank and other banks have.

[bogdanoff 3173]

@percare thanks for this report, I read somewhere about citigroup being interested in Bitcoin but I don't remember reading this. It makes a perfect case for the scenario for a bull run in next year but we also need to be cautious when it is coming from banks. They could be saying one thing and having bought and waiting for buyers to sell. 

[zhoutong 2188]

I don't think this is possible, this price will be remarkable high for Bitcoin and would mean trillions of dollars for Bitcoin in valuation. Not that I won't like it but I keep reading some predictions that do seem without a point.

[JanBomCrypto 494]

We should not put our mind on these type of people, bitcoin can never be up to $300000 in 2021. Some people just want people to invest on bitcoin and started saying what can not happen. We should not put this kind of thing in mind because it can not happen. 

[pourinbubbly 166]

these are just guesses, but I do not predict bitcoin will rise to this price. Such predictions were made about bitcoin before, so you shouldn't care too much. Bitcoin has been rising a lot lately, I believe it will exceed $ 20k by the end of the year.

[percare 3192]

6 hours ago, norbercripto said:

It is likely that it has some correction that infarcts us, for a while, but then the moon comes.

I keep reading people that have sold and waiting for a correction, but why didn't you buy at the correction last week? Price reached as low as $16,500. During this time Bitcoin won't correct 30% for various reasons that are obvious and don't need explaining. $19k and it is Sunday and what do you expect next week? Bears to have a plan to crash the price? I would laugh with those bears trying to push price down again and losing all their Bitcoin in the process.

[huesca123 946]

Even thou Citi Bank is probably one of the most corrupt banks that exist, I like what they are saying. Citi Bank & the other big banks seem to get away with murder sometimes. But, if Citi says its going to that price, I want to believe them. I will be trying to buy more BTC as soon as I can. Not because Citi bank says so, its because I want to invest in BTC. I invest in what I believe in & I believe in BTC.