Citi analyst report circulates with a $318,000 Bitcoin projection for 2021
A widely circulated CitiFX Technicals note by analyst Tom Fitzpatrick compared Bitcoin’s cycles with gold’s 1970s market and sketched a highly speculative path to roughly $318,000 by late 2021.
In mid-November 2020, a CitiFX Technicals note attributed to Citibank managing director Tom Fitzpatrick circulated publicly with an eye-catching Bitcoin projection of roughly $318,000 by December 2021. The note used technical-chart analogies and historical comparisons rather than presenting a formal corporate target approved by Citigroup as a whole.
The distinction is important. The document showed that extreme Bitcoin upside scenarios were being discussed inside traditional-bank research channels, but it did not represent an official Citibank forecast or a commitment by the bank to buy Bitcoin.
The episode became a cultural timestamp for the late-2020 bull market. As Bitcoin approached its previous all-time high, forecasts that would once have remained confined to cryptocurrency media were appearing under the names of analysts at major financial institutions.