Where will the price of Bitcoin go?

2020 has been a year of complete chaos, generated by all the consequences that the Coronavirus pandemic has unleashed. Not only in health, but also in the world economy. But, just as it has been a year of chaos, it has also been a year of opportunity, and Bitcoin (BTC) is a faithful example of this.

Especially with the recent rises that the cryptocurrency has experienced. Now, where will the price of Bitcoin go? Here are some of the predictions that have echoed in recent days.

Bitcoin at $ 318,000 next December? A Citibank executive says it’s possible

Thomas Fitzpatrick, the Global Head of CitiFXTechnicals at Citibank, in his report “Bitcoin: the gold of the 21st century” compares that the expected movement in the price of Bitcoin in 2021 resembles that of gold in the 1970s.

In the report, he estimates a price for Bitcoin of USD 318,000 by the end of 2021, that is, in 13 and a half months. Considering that today Bitcoin is at USD 18,000, the objective that the work raises is extremely optimistic.

Given his 36-year track record at Citibank, and currently as Managing Director at New York-based CitiFXTechnicals, the market pays attention to Fitzpatrick’s recent prediction.

Analyst predicted a new high for Bitcoin price in 2020 three months ago

For the price of Bitcoin (BTC) to hit new all-time highs by Christmas is starting to look conservative. But an analyst had predicted current levels in August.

Preston Pysh predicted a 90% return by the end of the year for the price of Bitcoin when the pair traded at $ 11,400.

“We should be looking at an all-time high for Christmas 2020. That means we have an 80-90% advantage over the current Bitcoin price, which is crazy, because it’s not long before Christmas,” Pysh said during a episode of the Swan Signal company podcast.

So to think that that big leap could happen between now and then is going to be a very dramatic narrative. And I think very few are ready for it.

He added that gold would have “nothing like” the growth of Bitcoin. Something that has since become a reality given the behavior of the precious metal after the presidential elections in the United States.

Bitcoin’s price rise to $ 500,000 is inevitable according to the Winklevoss twins

The founders of the cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, said that Bitcoin (BTC) will eventually reach $ 500,000 per coin. During a recent interview with podcast host Peter McCormack.

“The question on our minds is not so much if it hits $ 500,000, but how fast,” Tyler told McCormack during the October 23 podcast episode.

His thesis takes into consideration the market capitalization of gold and the theoretical allocation of the central bank. “I’d say Bitcoin at $ 500,000 is actually quite conservative and the game hasn’t even started,” Cameron noted.

The basis for the interview was a report by Tyler and Cameron published in August 2020, titled: The Case for 500K Bitcoin. The brothers began building the report in January 2020, Cameron said in the interview with McCormack.

Short notes

After nearly a month of zero full withdrawals, OKEx has announced that it is opening its retirement services, Binance Holdings Ltd. filed a defamation lawsuit against Forbes Media LLC in the United States District Court of New Jersey. Previously, Binance claims that Forbes and its journalists damaged the crypto platform. By posting an article containing numerous false, misleading and defamatory statements, the Qtum smart contract platform will be home to a new decentralized exchange on Friday. After QiSwap, an independent liquidity protocol has completed its testing phase.

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