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2021-10-13 23:16:30

Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst

The bulls are back in control after a brief drop in the price of Bitcoin. The first cryptocurrency by market cap trades north of $57,000 with a 2.5% and 11.1% profit in the daily and weekly charts, respectively. The general sentiment in the markets it’s bullish, as operators and traders expect Bitcoin to fulfill its historical performance. BTC’s price usually tends to trend to the upside as the year comes to an end. Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone” Bitcoin is trading less than $10,000 away from its all-time high at $64,870 and it could run into uncharted territory if, as the Director of Macro for Fidelity Jurrien Timmer said in an interview with CNBC, short-term holders FOMO into BTC. These investors are those that have only held BTC for the past 3 months. As seen in the chart below, only 15% of the BTC total supply is currently held by “momentum chasers”. In order for Bitcoin to reach new highs, this metric must stand above 20%. In that sense, Timmer believes Bitcoin’s current run to the upside lack “excessiveness” which could suggest some stability and sustainability for the current price action. Unlike previous rallies, this time Bitcoin seems to be moving outside the influence of “speculators”, as Timmer called them. However, some traders could find Timmer’s prediction disappointing as he believes the benchmark crypto is far from the major psychological mark of $100,000. ...