Jurrien Timmer, head of global macro at Fidelity Investments, believes that Bitcoin could be on track to drop back to $30,000 or $23,000, its lowest level since Dec. 23.
However, he also adds that most of the cryptocurrency’s decline is likely already behind.
On June 2, Timmer opined that gold and silver were “regaining the inflation hedge narrative” due to Bitcoin seeing a sharp decline in May:
But with bitcoin down 50% from its highs, gold is picking up steam, following real rates and monetary policy.
Alex DovbnyaDisclaimer: 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.
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