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Home News

Fidelity’s Jurrien Timmer Optimistic on Bitcoin’s Future Amidst Recent SEC-Approved ETFs

18 January 2024
in News
Reading Time: 3 mins read
103 6
Fidelity's Jurrien Timmer Optimistic on Bitcoin's Future Amidst Recent SEC-Approved ETFs

Following the recent approval of multiple Exchange Traded Funds (ETFs) focused on Bitcoin by the US Securities Exchange Commission (SEC), speculation has intensified regarding the cryptocurrency’s future trajectory. While some analysts anticipate a price dump for the world’s largest crypto, Fidelity Investments executive Jurrien Timmer holds a different view.

Timmer, who is the Director of Global Macro for Fidelity Investments, suggests that Bitcoin’s current price reflects a short-term adjustment with indications of a long-term market reversal.  

In the aftermath of the SEC’s approval, Bitcoin has experienced a decline, currently down by 7%. Timmer attributes this price movement to the impact of Bitcoin’s expanding network and the prevailing interest rates in the broader economy. Despite the present dip, he maintains a positive outlook on Bitcoin’s future prospects.

Contrary to predictions of a potential dump to the $32,000-$38,000 zone by various analysts, Timmer envisions a robust consolidation of previous gains. He speculates that such a trend could signify Bitcoin’s eventual mainstream adoption as a commodity currency, albeit acknowledging that this transition may require some time to materialize. 

While explaining his perspective in a series of posts on X, Timmer notes that despite the delayed surge, several asset managers maintain a significant net long (buy) position in the Bitcoin futures market.

It seems that way, although it could take some time to get there. For now, Bitcoin has made it to the middle of what I consider to be its fair value band, driven by the growth rate of its network and the level of real rates. /2 pic.twitter.com/eHJiPtmaF8

— Jurrien Timmer (@TimmerFidelity) January 16, 2024

Notably, in a significant development, Bitcoin’s 50-moving average (50-MA) crossed its  200-week Simple Moving Average (SMA) for the first time. This event, commonly referred to as the “golden cross,” is considered a positive indicator of a pair’s price movement and has now manifested on Bitcoin’s weekly chart, according to market pundits and analysts. This occurrence adds a noteworthy dimension to the ongoing narrative surrounding Bitcoin’s trajectory in the financial markets.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BTCETFFidelity InvestmentMarkets
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Precious James

Precious James

Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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