In my opinion the Citibank analyst is too optimistic and he did not account for Bitcoin logarithmic nature. I would say 318K USD is a bit too optimistic and set a more realistic target of 80-90K within my chart
In my opinion Bitcoin also has extending its market cycle by 8 - 16 Month every cycle. So this cycle would not be topping in Desember of 2021 but somewhere in Q2/Q3 of 2022 IMO.
Please note that all the above is just my opinion and my analysis could be wrong, I hope I'm wrong and BTC do go to 318K :D
But I do agree with his statement “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.”
with TA going this far in the future with no fundamental context is no use.
For all we know BTC could go to 1 Billion USD if the printer continue to go brrrr.
Please note that in this scenario. 1 loaf of bread could cost upwards of 1000 USD just like venezuela economy did.
That is the Fundamental Aspect we need to consider
I know the scenario above is a bit too extreme not gonna happen. But you get my point.
Source for the news: www. coindesk. com/citibank-bitcoin-gold-318k-2021
In my opinion Bitcoin also has extending its market cycle by 8 - 16 Month every cycle. So this cycle would not be topping in Desember of 2021 but somewhere in Q2/Q3 of 2022 IMO.
Please note that all the above is just my opinion and my analysis could be wrong, I hope I'm wrong and BTC do go to 318K :D
But I do agree with his statement “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.”
with TA going this far in the future with no fundamental context is no use.
For all we know BTC could go to 1 Billion USD if the printer continue to go brrrr.
Please note that in this scenario. 1 loaf of bread could cost upwards of 1000 USD just like venezuela economy did.
That is the Fundamental Aspect we need to consider
I know the scenario above is a bit too extreme not gonna happen. But you get my point.
Source for the news: www. coindesk. com/citibank-bitcoin-gold-318k-2021