CitiBank forecasts Bitcoin price at $120,000 by 2021

  • Altana Digital Currency’s Chief Investment Officer shared a chart associated with CitiBank that predicts Bitcoin’s price at $120,000 by 2021.
  • Analysis firm Crypto Quant indicates that Bitcoin whales will sell Bitcoin when the rally continues too fast like at the moment.

Altana Digital Currency’s Chief Investment Officer, Alistair Milne, shared a chart with a bullish prediction for Bitcoin. The chart in question, according to Milne’s publication, is associated with Citibank. The financial institution sent it through Citibank’s FX Wire customer mailing list.

The chart shows a prediction that Bitcoin can reach a price of $120,000 in the next couple of years. The referred chart highlights the moments when Bitcoin has had a breakout, between 2011 and 2016, to propose the mentioned price that will far exceed Bitcoin’s all-time high ($20,000), according to Milne’s publication:

The setup over the last 2.5 + years in Bitcoin continues to crack closely to that over the 2.5 + years leading to the summer of 2016 before it started to move exponentially higher.

Bitcoin has managed to break the trend that kept it in the $9,100 to $9,300 range over the past few weeks. At the time of publication Bitcoin is trading at $10,350. The forecast associated with Citibank states that the cryptocurrency must test the price of $13,850 before rising close to its ATH in 2021, and from there, rise to $120,000:

If $19,511 was to give away, well the chart speaks for itself.

In March, Citibank increased its stake in the Komgo start-up. Thus, Citibank began to integrate its trading platform with the Ethereum-based blockchain of the start-up. At the time of the news, the Global Head for financial commodity trading for Citybank, Kris van Broekhoven, highlighted the bank’s interest in investing and keeping up to date with the advantages offered by blockchain technology to improve its financial services. Therefore, it is possible to assume that Citibank has a strong interest, at least in 2020, in Ethereum, Bitcoin and the technology behind their operation.

Bitcoin whales will sell BTC because it happens too fast

In a publication by Crypto Quant analysis firm CEO Ki Young Ju, he indicates that some Bitcoin whales may share the feeling that the price of BTC has moved “too fast”; probably motivated by investors’ FOMO, as the cryptocurrency came out of the slump of the last few weeks. Therefore, Crypto Quant’s CEO wrote that an increase in the flow of Bitcoin to the exchanges, estimated at 5,000 BTC, is consistent with the sale of the cryptocurrency during Sunday’s rally.

As the chart below indicates, the increase in the flow of Bitcoin to the exchanges occurred in an one-hour period when Bitcoin’s price moved above the $10,000 mark. Some members of the crypto community agreed with Young Ju’s opinion and said that in the coming days investors can expect a “massive setback” if the flow of Bitcoin to the exchanges is maintained.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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