Mar 01, · Interestingly, Bitcoin has been heavily correlated with the S&P in , so its future could very much depend on the stock market. Bitcoin Price Prediction – Bitcoin price has been trading inside a large bull pennant for the last several years. Bitcoin Generation Inc quote is equal to USD at Based on our forecasts, a long-term increase is expected, the "BTGN" stock price prognosis for is USD. With a 5-year investment, the revenue is expected to be around +%. Your current $ investment may be up to $ in Nov 30, · With that backdrop, we have seen a handful of new bitcoin price predictions for Earlier in November, Citibank analyst Tom Fitzpatrick wrote a note detailing how bitcoin .
Bitcoin stock market predictionsBitcoin (BTC) Price Prediction , , | PrimeXBT
What is that price target? Beyond the shock value of that number, it is important for investors to understand just why Fitzpatrick, a senior analyst at Citibank, is so bullish. According to his note, such a major move would follow the historical trajectory of bitcoin. As I mentioned above, there are all sorts of catalysts at play that benefit bitcoin and its crypto peers. Fitzpatrick dives into the impacts of the novel coronavirus, and more specifically, actions by the Federal Reserve.
Many crypto bulls think the intense interventions by the Fed, like near-zero interest rates, will boost inflation. Just like gold, these bulls see cryptocurrencies as a hedge against inflation and an otherwise safe-haven asset. So why not turn to gold instead? Well, Fitzpatrick writes that although these same catalysts will likely benefit gold, bitcoin is better. If you want to own physical gold as a hedge against inflation, an apocalypse, or any other market-moving event, there are all sorts of things to consider.
For instance, how will you store and transport that physical gold? Bitcoin is free from those issues. Because it is a digital currency, Fitzpatrick writes that it is easy to transport, even across international borders. How then should investors approach the Citibank price prediction? That is why Sebastian Sinclair wrote for CoinDesk that there is a better way to consider the new target. Instead of taking it as a true prescription for bitcoin prices in , take it as a good sign that the cryptocurrency is coming further into the mainstream.
Whether you are ready to head to space or just getting off the ground, keep this new price prediction in mind. Actions by the Federal Reserve, the coronavirus pandemic and the projected victory of former Vice President Joe Biden all support a move higher in bitcoin.
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How much will Bitcoin price increase in coming future?