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Fidelity's Jurrien Timmer Says Bitcoin Could Drop to $23,000

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Fri, 06/04/2021 - 19:28
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Alex Dovbnya
Bitcoin could still be on track for a drop to $23,000, according to Fidelity's Jurrien Timmer
Fidelity's Jurrien Timmer Says Bitcoin Could Drop to $23,000
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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.

Fidelity
Image by @TimmerFidelity

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.

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Bitcoin and Ethereum Now Accepted for Rent at Manhattan Office Buildings
The largest cryptocurrency is currently trading at $37,088 on the Bitstamp exchange after dropping to an intraday low of $35,575 earlier today on the Elon Musk “breakup” tweet.

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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.