As a seasoned analyst with a decade of experience under my belt, I find Jurrien Timmer’s observations about Bitcoin’s cycles intriguing. Having witnessed multiple market cycles across different asset classes, I can appreciate the rhythm and predictability that Timmer is referring to. The parallels between Bitcoin’s current trajectory and its previous cycles are striking, making it an exciting time for crypto enthusiasts like myself.
According to Jurrien Timmer, who holds the position of Global Macro Director at Fidelity, it seems that the primary cryptocurrency is mimicking the patterns observed in the last two market cycles.
In his recent social media post, it was stated that Bitcoin seems to be mirroring the pattern of the past two winters turning into summers. He suggested there’s a distinct pattern or rhythm to Bitcoin’s price fluctuations.
Last month, Timmer noted that Bitcoin and other assets were boosted by falling interest rates.
He stated that liquidity acts as an effective oil to smooth out the movement of stock prices, as well as those of gold and bitcoin. This effect is particularly noticeable when combined with declining real interest rates.
On Tuesday, Bitcoin hit an all-time peak of $94,040. However, in the days following, its value has dipped by almost 2%.
This leading digital currency has surged over 32% this month, suggesting that the positive pattern typically seen during October and November for this top cryptocurrency remains strong. Interestingly, Bitcoin defied expectations by ending its usually bearish September with a gain, thanks to the Federal Reserve’s decision to reduce interest rates by half a percentage point.
In a recent interview on CNBC’s “Closing Bell”, expert analyst John Kolovos expressed his belief that the value of Bitcoin might soar as high as $240,000.
According to Kolovos, the current Bitcoin trend is “undeniably strong.”
According to U.Today, Mike Novogratz of Galaxy Digital flagged certain cautions, indicating elevated funding costs.
To add to that, it appears long-term investors are significantly trimming down their holdings. This selling spree has been more prominent than other market players during this surge towards unprecedented record highs, as stated by the Glassnode co-founder on Twitter.
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2024-11-20 11:12