Jurrien Timmer, director of global macro at U.S. financial services giant Fidelity Investment, has revealed he believes bitcoin’s price bottom is in for its current bull run.
In a tweet, Timmer shared a chart showing the price of BTC traded against the U.S. dollar compared to the GS Retail favorites basket, with both highlighting similar local bottom formations after enduring a downtrend that followed a head and shoulders pattern.
In my view, it looks like the bottom is in. pic.twitter.com/16Eg8aHxNo
— Jurrien Timmer (@TimmerFidelity) June 14, 2021
Timmer had earlier this month revealed he found bitcoin “lends itself well to technical analysis,” and revealed he is a “secular bull.” In his view, however, the run-up to $64,000 was “a bit too much too fast” as it almost prematurely reached its year-end target of $68,000 per BTC.
The price of bitcoin exploded upward late last year, going from $11,000 in October to a new all-time high near $64,000 last month. After its head and shoulders pattern was formed it dropped to $30,000 before recovering, and has since bounced back to retest the $40,000 mark.
BTCUSD Chart via TradingView
As reported, popular on-chain analyst Willy Woo has recently lowered his bitcoin price prediction to $200,000 by the end of the year as he believes the flagship cryptocurrency’s upward trajectory has started reducing. To Woo, the recent price drop affected the cryptocurrency’s trajectory, making it unlikely for it to reach the $300,000 to $400,000 range by the end of the year.
Bitcoin’s price recently moved up after legendary billionaire macro investor Paul Tudor Jones said in an interview he likes BTC as a portfolio diversifier. In the interview, he revealed he will “go all in on the inflation trades” if the U.S. Federal Reserve remains indifferent to rising consumer prices, which would include a 5% allocation to bitcoin.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pexels