Citibank managing director Tom Fitzpatrick shared a rather positive outlook on the future of Bitcoin (BTC).

In a note sent by Citibank to its institutional customers and leaked on a twitter, Fitzpatrick suggests that the price of Bitcoin will reach $318,000 by December 2021. He says:

“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms) at a point where the arguments in favour of Bitcoin could be at their most persuasive ever.”

In his analysis, Fitzpatrick points out that “the whole existence of Bitcoin has been characterised by unthinkable rallies followed by painful corrections.” This kind of pattern—he claims—sustains a long-term trend. Now, he suggests, another big upwards movement may be...