Updated 09 Sep, 2021

Bitcoin Price Poised to Grind Higher, Says Fidelity’s Global Macro Head

Jurrien Timmer Sees Bitcoin’s Price Climb on Strong Fundamentals

Key Takeaways:

  • Fidelity’s Global Macro chief says bitcoin’s price is ready to resume its uptrend
  • The leading token could land at $110,000 as its next stop, according to the analysis performed

Jurrien Timmer Sees Bitcoin’s Price Climb on Strong Fundamentals

The biggest cryptocurrency by market capitalization, bitcoin, is ready to resume its upside swing, according to Fidelity’s Director of Global Macro Jurrien Timmer. Using a gold analog chart from the 1970s, Mr. Timmer argued the original cryptocurrency’s price behavior is likely to echo the solid rally in the price of gold from 1970 to 1980.

“Based on my (highly subjective) gold analog from the 1970s, bitcoin looks ready to resume its up-trend,” Mr. Timmer said in a Twitter post, part of a larger thread, in which he explained in detail how he saw bitcoin’s price develop.

Further Speculations on Bitcoin’s Price

Fidelity’s Global Macro chief also noted that bitcoin could soon exit its recent consolidation in the area of $45,000 to $50,000. “In an economy with waning momentum, even bitcoin got boxed in for a while. But that seems to be changing now,” he argued.

“With the latest rally, bitcoin’s market cap is closing in on the old highs. If we add in the rest of the crypto space, we have reclaimed a market cap of $2 trillion,” Mr. Timmer said, noting that “this is no longer a sideshow.”

He also pointed out bitcoin’s fundamentals are improving, citing the growing numbers of active bitcoin addresses.

“At the peak, there were 34.3 million addresses (with at least $1). That number fell to 31.8 million at the low and has now climbed back up to 33.5 million,” Mr. Timmer noted.

Next Price Target is $110,000 According to Mr. Timmer’s Study

The analysis performed by Jurrien Timmer highlighted that bitcoin’s peak to $64,800 in mid-April, and subsequent slide to around $30,000, gave the digital currency a “good base from which to consolidate”. According to the study, the future price projection would see bitcoin rise to levels around $110,000.

“I’m impressed how resilient bitcoin and the crypto space in general have been during this 55% correction,” Mr. Timmer said, referring to bitcoin’s recent climb from below $30,000 to current market prices of about $46,000 per coin.