Jurrien Timmer, global macro director at Fidelity Investments, claims that Bitcoin is “cheap” at current levels. He also points out that the price of Bitcoin, the world’s largest cryptocurrency, is currently at the 2014 level.
Jurrien Timmer: Long-Term Investors Determine Bitcoin Price
According to Fidelity Investments analyst Jurrien Timmer, the recent sell-off represents the biggest oversold situation in a long time. The analyst also noted that the recent Bitcoin recovery has been driven mainly by long-term investors rather than short-term users of the cryptocurrency market. The market share of Bitcoin, which has been unsold for at least a decade, has risen to 13 percent these days. Bitcoin is currently trading at $23,500 after the bulls repeatedly failed to rise above $24,000.
In February, Timmer compared Bitcoin’s adoption rate to that of tech giant Apple, whose growth has followed a classic S-curve pattern since the mid-90s. Fidelity also presented an S-curve reflecting the internet adoption curve. In such a scenario, the company predicts that the Bitcoin price will reach $144,000.
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