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Bitcoin Plunges to $35K, but Fidelity's Jurrien Timmer Has One Reason to Remain Bullish

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Fri, 06/18/2021 - 19:34
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Alex Dovbnya
Fidelity's Jurrien Timmer believes that Bitcoin's bullish thesis "still looks good" despite renewed weakness
Bitcoin Plunges to $35K, but Fidelity's Jurrien Timmer Has One Reason to Remain Bullish
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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.

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In his tweet, Timmer points to the fact that Bitcoin-sensitive stocks are currently trending higher, which might be a sign of what lies in store for Bitcoin:

Related markets often give important signals at tops and bottoms.  

Fidelity
Image by @TimmerFidelity


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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.