A senior technical analyst at Citigroup, the third largest banking institution in the United States and the largest credit card issuer, predicted a $318,000 price target for Bitcoin as early as 2021. Two years ago, Citibank revealed that the $175 billion New York-based bank would start offering crypto custody solutions to their institutional investors through the launch of a product called Digital Asset Receipt (DAR). The DAR system allows a third-party custodian to be responsible for holding the cryptocurrency assets while Citigroup acts as the agent to issue the digital receipt. It enables retail customers and institutional investors to invest in Bitcoin in a fully insured and regulated manner. Similar to eToro and Robinhood, DARs enable trading without direct ownership of the asset. A senior analyst at Citibank, Thomas Fitzpatrick, excited people on Twitter by posting bitcoin’s weekly chart and drawing on stark similarities between the 1970s gold market and Bitcoin today. He used technical analysis of prior highs and lows to determine a target of $318,000 by December 2021. He explained how gold experienced 50 years of a constricted $20–$35 price range before a breakout occurred after a change in fiscal policy by the failed Nixon administration in 1971. He suggested the combination of the global pandemic and Trump's election loss might spark an exponential price move that will be reminiscent to the 1970s gold market or the 2010-2011 Bitcoin bull rush. Fitzpatrick is the global head of the company’s CitiFXTechnicals product to provide market analysis for institutional clients.