Jurrien Timmer, Director of Global Macro Fidelity Investments, makes notable remarks about the recent volatility of Bitcoin price.
The beginning of 2022 is dreadful for the crypto market, and Bitcoin has fallen below $40,000 for the first time since September 2021.
Jurrien Timmer recently posted a lengthy Twitter thread in which he clarified his thoughts on the recent Bitcoin price and predicted its future growth.
He believes $40,000 will be a ‘pivotal moment,’ and Bitcoin is ‘now technically oversold.’ He has a solid explanation for this conviction. The chart shows that the Stochastic RSI is below 20, indicating that Bitcoin is currently oversold.
In addition, Jurrien Timmer compared Bitcoin to gold and indicated that “the BTC/gold ratio has fallen back to the breakout zone from last year,” so “technically the ratio is moderately oversold.” After peaking twice at 37.4 in 2021, the Bitcoin/Gold ratio has fallen to support at 22.
The current FED’s monetary policy has had a significant influence on Bitcoin price. However, owing to the current high inflation, many analysts believe that investment capital flow will continue to transfer from gold to cryptocurrency.
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