Fidelity Global Macro Director Jurrien Timmer thinks the Bitcoin market could be turbulent over the next few weeks.
After the opening of spot exchange traded funds (ETF) in the USA, Bitcoin increased by approximately lost 7% value and dropped to $42,642.
Timmer, from his social media account, “The question in the short term is whether this is a buy-and-sell situation. My guess is that it will take some time to consolidate the recent rise, now that the expected big moment has arrived.” said.
Open interest in the derivatives markets has grown significantly over the past few weeks. Fidelity manager, asset managers from futures to spot transactions In the coming weeks, as it passes will fall predicts.
Timmer made the following comment regarding the activity in derivative markets:
“I think right now not a long term trend change a short-term position change We see. But the unraveling of more than 13 thousand increases in futures contracts is likely to create price turmoil in the coming weeks.”
Timmer, although it will take time, “The widespread adoption of Bitcoin as a commodity-currency” He thinks there is a new way to go.