Fidelity Investments manager, Jurien Timmer, said that he has identified a new chart pattern for Bitcoin (BTC), the largest cryptocurrency by market capitalization. According to Timmer’s determination, a “double-bottom” pattern is seen in BTC. As Kriptokoin.com, we are giving the details…
Timmer drew attention to the double bottom pattern on the Bitcoin chart
Fidelity Investments global macro director Jurrien Timmer detected a double bottom Bitcoin pattern. Timmer pointed out that this pattern also occurs in BTC-related stocks. So, what does the double bottom formation mean? According to experts, this formation usually indicates that there will be an uptrend before a downtrend. It also implies that an uptrend will begin in the future.
Bitcoin price formed a bottom above the $34,500 level. As a result, it started a massive increase and cleared many hurdles near the $38,000 level. There was a break above a key bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair. The pair even climbed above the $40,000 zone and the 55 simple moving average. At the time of writing, BTC is trading at $43,931.
Fidelity executive compared Bitcoin to Apple
In October, Fidelity executive predicted that Bitcoin price would eventually climb to $100,000. Also last month, Timmer compared Bitcoin’s growth to that of tech giant Apple. Jurrien Timmer, Global Macro Director at investment giant Fidelity, said that despite Bitcoin’s recent lows and highs, the cryptocurrency has a similar growth path to Apple. While Timmer stated via his Twitter account that the focus should be on the Bitcoin network, not price, he stressed that recent criticisms at the time were “mostly empty”.
The manager specifically chose Bitcoin’s demand curve, which continues to rise after previous comparisons with mobile subscriptions and internet adoption under the S-curve. However, according to Timmer, Bitcoin’s price targets are now on a regression curve similar to Apple’s growth in 1990. Timmer emphasized that when comparing the growth trajectory of assets, network activities determine both.
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