Jurrien Timmer, global macroeconomics director at financial giant Fidelity, says bitcoin (BTC) is ready to continue its upward trend, with the leading cryptocurrency threatening to rise above $ 50,000.
In a recent Twitter post, Timmer informs his 62,800 followers that BTC is” no longer a minor event” as king crypto’s market value nears previous levels.
“With the recent rally, Bitcoin’s market value has approached old levels. If we October the rest of the crypto space, we will regain the $ 2 trillion market cap. Guys, this is no longer an afterthought.”
Source: Jurrien Timmer / Twitter
Timmer also assessed Bitcoin’s performance over the past two years, saying it was very similar to the gold price movement in the 1970s.
“Based on the (very subjective) gold counterpart of the 1970s, Bitcoin looks set to continue its upward trend.”
Source: Jurrien Timmer / Twitter
Fidelity’s Executive Director said he was impressed by bitcoin’s recovery and saw signals that the leading crypto activist was bottoming out.
“During this 55 percent correction, I was impressed by how resilient bitcoin and the crypto field were overall. Speculators (tourists) were often crushed, as they were during the downturns, and now account for only 17% of the Sunday. This level corresponds to the previous territories.”
Source: Jurrien Timmer / Twitter
Timmer also examines the fundamentals of Bitcoin to support his analysis. According to macrostratega, the number of addresses on the BTC network varies depending on the asset’s value.
“In fact, the fundamentals of bitcoin (the network) are constantly evolving. At the peak of its development there were 34.3 million addresses (with at least US $ 1). That number fell to 31.8 million at its lowest point and has now risen again to 33.5 million.”
Source: Jurrien Timmer / Twitter
Timmer says the “Hodlers” or organizations that have owned BTC for more than 10 years now control a significant portion of bitcoin deliveries.
“Meanwhile, hodlers continue to pile up and now make up 12% of the mark,” he said Dec.
