On Monday, Jurrien Timmer, Director of Global Macro at Fidelity and Co-Manager of the Fidelity Global Strategies Fund, shared his view of current Bitcoin prices with his 56,000 Twitter followers. “In my opinion it looks like the bottom has been reached,” explained the Fidelity manager, sharing a BTC/ USD chart.
Fidelity’s Jurrien Timmer tries to call Bitcoin’s low point
Mid-April Bitcoin (BTC) prices hit an all-time high of $ 64,895 per coin, then plunged to $ 30,066 per unit on May 19 BTC hasn’t fallen below the $ 30,000 mark, but a number of investors have speculated that it can.
There have been some predictions that suggest it will be $ 20K BTC The prices could be in the cards while others are still hopeful BTC reach six-digit values by the end of the year. On Monday, Fidelity’s Director of Global Macro, Jurrien Timmer, tweeted that he believes the price of Bitcoin has fallen to its lowest point.
“From my point of view, it looks like the floor is in,” Timmer tweeted. Of course, the post was popular with Bitcoiners as it had collected more than 4K likes and almost 700 retweets since Timmer was released. One person thought Timmer’s opinion was correct and said: “Agreed. Below is in.” However, not everyone agreed with Timmer’s diagram and analysis. Macro hedge fund strategist Kevin Wides sees it BTC down to $ 12,000.
“My log-scale chart, which shows Bitcoin can fall to $ 12,000, is an analysis,” Wides said answered to the tweet of the Fidelity Manager. “I really don’t care where I go as I am neither long nor short – I am not going to invest in things that cannot be measured by traditional / sustainable economic metrics,” he added.
Timmers Fidelity Insights Report: “Investors May Want To Consider Bitcoin”
Quite a few executives at Fidelity Investments are fans of Bitcoin (BTC) and the digital currency economy. Abigail Johnson, CEO of Fidelity Investments, has been explaining her fascination with Bitcoin for many years. At a conference in 2017, Johnson informed attendees that the company had mined Bitcoin and the employees announced lunch. are allowed to pay BTC in the headquarters canteen. Since then, the company has launched its subsidiary dedicated to investing in digital assets and other services for the growing crypto economy.
The company’s first Bitcoin fund raised $ 102 million from wealthy individuals when it was launched last summer. A submission shows that the subsidiary of Fidelity Digital Funds raised 83 investors approximately $ 102,350,437. Jurrien Timmer’s tweet about Bitcoin’s possible low is also not the first time the Fidelity manager has discussed the issue. In March Timmer wrote in a Fidelity Insights report that the development of Bitcoin has found its way into the investment portfolio.
“Bitcoin is inherently a finite asset with both a unique supply and a unique demand dimension, and as the network grows, the value and durability of bitcoin could increase even faster,” Timmer wrote. “I think some investors may want to consider Bitcoin as part of the bond side of a 60/40 stock / bond portfolio, along with other alternatives,” added the Director of Global Macro at Fidelity.
What do you think of Jurrien Timmer’s prediction that bitcoin prices are “down”? Let us know what you think on this matter in the comments below.
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