After hitting an all-time high of $ 67,000 earlier this week, Bitcoin is down nearly 10% and is trading at close to $ 61,000 at press time. While bitcoin retracements aren’t new, market analysts continue to believe in the bitcoin story.
Fidelity’s director of Global Macros, Jurrien Timmer, predicts that BTC price will continue to rise based on demand and supply models.
Bitcoin hit a new all-time high on Wednesday at $ 66,000. The graphic below shows that both my supply and demand models continue to point to higher prices. (THREAD) pic.twitter.com/6q1mwpbsCh
– Jurrien Timmer (@TimmerFidelity) October 22, 2021
Speaking to CNBC earlier this week, Timmer said the BTC price could hit $ 100,000 by 2023. Of course, Timmer doesn’t expect the BTC price to jump straight to $ 100,000, adding that there could be some setbacks. By making another comparison with the gold price rally of the 1970s, he adds:
Given gold in the 1970s, it wouldn’t surprise me to see a spike followed by a correction. That would be very similar to Bitcoin’s previous boom / bust cycles and it would be the most non-linear thing it can do.
During his CNBC interview earlier this week, Timmer said, “Bitcoin is a more convex version of gold. It has an increasingly scarce supply and gold doesn’t have the network dynamics that Bitcoin does, so it makes sense that Bitcoin would outperform gold. Bitcoin and gold are two different players on the same team. “
Not a speculative rally
Timmer really commented on the recent BTC price, saying that this was not just a speculative one, but rather a more sustainable one. He added:
“This has not been a momentum-driven run by short-term speculators, so I am confident that this is actually a fairly sustainable move and not a bubble about to burst.”
Fidelity has been concerned with creating an infrastructure around Bitcoin. In addition, it has also had active discussions with regulators to put in place an adequate regulatory framework for Bitcoin and its derivatives. But Timmer isn’t the only one predicting a mega bull run for BTC. On Friday October 22nd, crypto analyst Lark Davis said the next six months will be a crazy ride for Bitcoin.
The next 6 months / 9 years in #Bitcoin and #Crypto will probably be mega crazy! Many of you will have the chance to completely change your financial fortune.
Here’s a guide on how NOT to screw it up 👇
– Lark Davis (@TheCryptoLark) October 22, 2021
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Bhushan is a FinTech enthusiast and has a keen understanding of the financial markets. His interest in business and finance draws his attention to the emerging blockchain technology and cryptocurrency markets. He is constantly in a learning process and motivates himself by sharing the knowledge he has acquired. In his spare time he reads crime novels and sometimes explores his cooking skills.