According to Fidelity CEO, Bitcoin is ready to continue its upward trend

Jurrien Timmer, CEO of monetary agency Fidelity, stated Bitcoin (BTC) ought to continue its upward trend if the benchmark cryptocurrency surges above $ 50,000.

In a brand new tweetstorm, Timmer advised his 62,800 followers that BTC was “no longer a side rally” because the crypto king’s market capitalization approaches its earlier excessive.

“With the latest rally, Bitcoin’s market capitalization is approaching its previous excessive. If we add the remainder of the crypto area, the market cap has hit the $ 2 trillion stage. This is not a facet rally. “

The supply: Jurrien Timmer / Twitter

Timmer additionally charges Bitcoin’s efficiency over the previous two years, saying that it is very comparable to the event of gold within the Seventies.

“Based on the gold chart from the 1970s (very subjective), Bitcoin seems ready to resume its uptrend.”

Source: Jurrien Timmer / Twitter

Fidelity’s CEO stated he was impressed with Bitcoin’s rebound, citing a number of alerts that the main cryptocurrency has bottomed out.

“I’m very impressed with the resilience of Bitcoin and the crypto market after this 55% correction. Speculators, as standard, have been crushed through the pullbacks and now solely make up 17% of the market. This stage is in keeping with earlier macro lows. “

Source: Jurrien Timmer / Twitter

Timmer additionally appears to be like at Bitcoin fundamentals to again up his evaluation. According to him, the variety of addresses on the BTC community will increase with the worth of the asset.

“In truth, Bitcoin fundamentals are slowly bettering. At its peak, there have been 34.3 million energetic addresses on the community (at the least $ 1). It fell to 31.8 million on the backside and has now returned to 33.5 million. “

Source: Jurrien Timmer / Twitter

Timmer stated “HODLers” or establishments which have owned BTC for greater than 10 years now management a good portion of Bitcoin provide.

“In the meantime, long-time HODLers already account for 12% of the market supply.”

Source: Jurrien Timmer / Twitter

You can see the BTC price right here.

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Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a call. We usually are not liable for your funding choices.

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According to Dailyhodl

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