Bitcoin Forming Bullish Double-Bottom Pattern, Says Fidelity Exec

AnalysisBitcoin Forming Bullish Double-Bottom Pattern, Says Fidelity Exec



Alex Dovbnya

Fidelity’s Jurrien Timmer has spotted a bullish Bitcoin pattern that could mark the end of the downtrend for the world’s largest cryptocurrency

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Jurrien Timmer, director of global macro at Fidelity Investments, has spotted a double-bottom Bitcoin pattern.

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.



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