On Monday, Jurrien Timmer, director of global macro at Fidelity and co-manager of the Fidelity Global Strategies Fund, told his 56,000 Twitter followers his perspective on the current bitcoin prices. “In my view, it looks like the bottom is in,” the Fidelity executive explained, sharing a BTC/USD chart.
Fidelity’s Jurrien Timmer Attempts to Call Bitcoin’s Bottom
In mid-April, bitcoin (BTC) prices touched an all-time high at $64,895 per coin and then plummeted to $30,066 per unit on May 19. The price of BTC has not fallen below the $30K threshold but a number of investors have speculated that it could.
There’s been a few predictions noting that $20K BTC prices could be in the cards, while others are still hopeful BTC will achieve six-digit values by the end of the year. On Monday the director of global macro at Fidelity, Jurrien Timmer, tweeted that he believes bitcoin’s price has dropped to its lowest point.
“In my view, it looks like the bottom is in,” Timmer tweeted. Of course, the post was popular among bitcoiners, having gathered more than 4K likes and close to 700 retweets since Timmer posted. One individual thought Timmer’s opinion was on point and said: “Agreed. Bottom is in.” Although, not everyone agreed with Timmer’s chart and analysis. Macro Hedge Fund strategist Kevin Wides sees BTC falling as low as $12K.
“My log scale graph showing Bitcoin can fall to $12K is an analysis,” Wides responded to the Fidelity executive’s tweet. “I really don’t care where it goes as I’m neither long nor short – I won’t invest in things that cannot be valued by traditional/sustainable economic metrics,” he added.