After Predicting Bitcoin Will Drop to $23,000, Macro Strategist at Fidelity Suddenly Changes Crypto Outlook

Jurrien Timmer, global macro strategist at Fidelity Investments, updates his view on Bitcoin's trajectory after previously calling for a $23,000 bottom. Timmer first made the $23,000 call on June 1. His forecast was based on Elliot Waves Theory, a technical analysis method that predicts price movements by mapping repetitive wave patterns. However, Timmer now says that the tide of Bitcoin's price action shows that the cryptocurrency has bottomed and is poised for another surge. “I think the bottom seems to be in it.” Timmer said that breaking above $41,000 would officially void his $23,000 call. His analysis shows that Bitcoin mimics the price action of GS Retail Faves or Goldman Sachs Retail Favorites, which are 50 stock indices that are widely traded for investors including Tesla, Amazon and others. While Bitcoin's moves are unpredictable, Timmer believes technical analysis generally works well with crypto assets. When he made his previous call, the charts told him that a correction was actually healthy for a bull run. “As a 'lifelong' engineer, I find Bitcoin to be very amenable to technical analysis… Don't get me wrong: I remain a secular bull, but relative to my version of the S2F model and the S-Curve model (& analogue). Gold in the 1970s), the journey to 64k was a bit too fast, I reached my year-end goal of 68k in April ahead of time.” “Bull markets are more sustainable if the tree shakes once in a while, and my best guess is what we see right now.” – Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram The Daily Hodl Mix Check the latest news Headlines Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. You should do your due diligence before investing in bitcoin, cryptocurrency or any other risky investment.

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