On Monday, Fidelity Global Macro Director and Fidelity Global Strategic Fund Co-Manager Jurrien Timmer (Jurrien Timmer) told his 56,000 Twitter followers his views on the current Bitcoin price. “In my opinion, it looks like the bottom has reached,” Fidelity executive explained, sharing the BTC/USD chart.
Fidelity’s Jurrien Timmer tries to claim Bitcoin has bottomed
In mid-April, the price of Bitcoin (BTC) hit an all-time high of US$64,895 per coin, and then plummeted to US$30,066 per unit on May 19. The price of BTC has not fallen below the $30,000 threshold, but many investors speculate that it can.
There are some predictions that the price of BTC may reach $20,000, while others still hope that BTC will reach six figures by the end of the year. On Monday, Fidelity’s global macro director Jurrien Timmer said on Twitter that he believes the price of Bitcoin has fallen to its lowest point.
“In my opinion, it looks like the bottom has reached,” Timmer TweetOf course, this post is very popular among Bitcoin enthusiasts. Since Timmer’s release, it has collected more than 4000 likes and nearly 700 reposts.One thinks Timer’s point of view is correct Say: “Agree. The bottom is here.” Still, not everyone agrees with Timer’s diagrams and analysis. Kevin Wides, a macro hedge fund strategist, believes that BTC has fallen to a low of $12,000.
“My logarithmic scale chart showing that Bitcoin may fall to $12,000 is an analysis,” Wides Responded To a tweet from a Fidelity executive. “I really don’t care where it goes, because I am neither long nor short-I will not invest in things that cannot be measured by traditional/sustainable economic indicators,” he added.
Timmer’s Fidelity Insights report: “Investors may want to consider Bitcoin”
Many Fidelity Investment executives are fans of Bitcoin (BTC) and the digital currency economy. Abigail Johnson, CEO of Fidelity Investments, has been explaining her fascination with Bitcoin for years. At a meeting in 2017, Johnson told attendees that the company mines Bitcoin and employees can use BTC to pay for lunch in the cafeteria at the headquarters. Since then, the company has launched its digital asset investment subsidiary and other services dedicated to the ever-evolving crypto economy.
The company’s first Bitcoin fund raised $102 million from high-net-worth individuals when it launched last summer. According to a document, 83 investors from a subsidiary of Fidelity Digital Fund raised approximately US$102,350,437. Jurrien Timmer’s tweet about Bitcoin’s possible bottoming is not the first time Fidelity executives have discussed this topic. In March of this year, Timor wrote in a report from Fidelity Insights that the evolution of Bitcoin has entered the portfolio.
“Bitcoin is a limited asset by design, with a unique supply and unique demand dimension. As the network increases, the value and durability of Bitcoin may increase faster,” Timer wrote. Fidelity’s global head of macro added: “In my opinion, some investors may want to consider Bitcoin along with other alternatives as a component of the bond side of a 60/40 stock/bond portfolio.”
What do you think of Jurrien Timmer’s prediction that, in terms of Bitcoin prices, “the bottom has come”? Please tell us your thoughts on this topic in the comments section below.
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