Fidelity’s Jurrien Timmer has spotted a bullish Bitcoin pattern that could mark the end of the downtrend for the world’s largest cryptocurrency
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Jurrien Timmer, director of global macro at Fidelity Investments, has spotted a double-bottom Bitcoin pattern.
Looks like a potential double-bottom is in the making for BTC and the related equities. pic.twitter.com/gzbVqdG7Pg
— Jurrien Timmer (@TimmerFidelity) March 1, 2022
The same applies to Bitcoin-linked equities that usually move in tandem with the largest cryptocurrency, according to Timmer.
A double bottom pattern usually indicates a bearish-to-bullish reversal, marking the beginning of a future uptrend.
As reported by U.Today, the crypto king recently came close to hitting the $45,000 level for the first time since Feb. 10.
Bitcoin is now up roughly 30% over the past week, pulling off an impressive comeback after plunging to as low as $34,391. The flagship cryptocurrency is still down 35.97% from its record high.
Last month, Timmer compared Bitcoin’s growth trajectory to that of tech giant Apple.
Back in October, the Fidelity exec forecasted that the Bitcoin price would eventually climb to $100,000.