Connect with us

Bitcoin

Bitcoin Plunges to $35K, but Fidelity’s Jurrien Timmer Has One Reason to Remain Bullish

Published

on

Fidelity’s Jurrien Timmer believes that Bitcoin’s bullish thesis “still looks good” despite renewed weakness

Bitcoin, the largest cryptocurrency by market cap, plunged to an intraday low of $35,143 at 6:57 p.m. on the Bitstamp exchange.

The crypto king has now erased all of the gains it made throughout the week.

Advertisement

While Bitcoin’s one-day chart may look grim, Jurrien Timmer, director of global macro at Fidelity, stands by his bullish “double-bottom” thesis.

In his tweet, Timmer points to the fact that Bitcoin-sensitive stocks are currently trending higher, which might be a sign of what lies in store for Bitcoin:News Source

Related markets often give important signals at tops and bottoms.

Fidelity
Image by @TimmerFidelity

Still, the Fidelity executive notes that Bitcoin needs to hold above $41,000 to avoid a fifth wave, which would result in a collapse to $23,076.

Advertisement