Fidelity expects Bitcoin to consolidate recent gains

2024-01-17 03:00:47

Fidelity expert calls current BTC current price a “hangover” after the launch of spot BTC-ETFs, not overall trend reversal.

Taking to X, Global Macro Fidelity director Jurrien Timmer says the 7% drop in Bitcoin (BTC) price over the past week suggests a short-term positioning adjustment rather than a long-term trend reversal.

Despite analysts predicting a reversal in BTC price to the $32,000-$38,000 levels, Timmer expects recent gains to consolidate.

“The short-term question is whether this is a sell-the-news moment. It will take a little time to consolidate the recent gains now that the big moment has arrived.”

Jurrien Timmer, Global Macro Fidelity director

According to Trimmer, the current price of Bitcoin is reasonable and depends on how much its network grows, and the actual interest rates in the economy and long-term prospects look rosy.

Moreover, although the rally has stalled, many asset managers continue to have significant net long positions in the Bitcoin futures market.

Last week, the U.S. Securities and Exchange Commission (SEC) approved launching 11 exchange-traded funds (ETFs) that invest directly in Bitcoin. However, despite the hype, the price of BTC did not support the positive news and fell by 7% over the past week to $42,800 at the time of writing.

Meanwhile, according to data from Bloomberg analyst James Seyffart, the trading volume of spot Bitcoin ETFs in the United States has now approached $10 billion.

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