Bitcoin, the largest cryptocurrency by market cap, plunged to an intraday low of $35,143 at 6:57 p.m. on the Bitstamp exchange.
The crypto king has now erased all of the gains it made throughout the week.
While Bitcoin’s one-day chart may look grim, Jurrien Timmer, director of global macro at Fidelity, stands by his bullish “double-bottom” thesis.
Alex DovbnyaRelated markets often give important signals at tops and bottoms.
Still, the Fidelity executive notes that Bitcoin needs to hold above $41,000 to avoid a fifth wave, which would result in a collapse to $23,076.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Denys Serhiichuk
Dan Burgin
Vladislav Sopov