Jurrien Timmer, global macro director at Fidelity Investments, said: of bitcoin announced that he observed a double bottom formation on his chart.
According to Timmer, the same pattern was observed in the price movements of Bitcoin-related stocks. These types of stocks are known for being parallel to the BTC price.
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
According to analysts, a double bottom formation is often interpreted in favor of a bearish to bull conversion and as the start of an uptrend.
Bitcoin price jumped today and the world’s largest cryptocurrency It was the first time since February 10 that it managed to see over $ 45,000.
Thus, the BTC price has gained approximately 30% in the last week. This impressive performance of BTC came after the price dropped to $ 34,391 after the war between Russia and Ukraine.
Despite this, the leading cryptocurrency is still trading at around 36% lower than its all-time high price record of $69,000.
It is thought that the latest rise in crypto money may be due to the war between Russia and Ukraine and the sanctions imposed on Russia.
In addition, similar increases in the stocks of technology companies in the USA draw attention.
The same executive also claimed that the BTC price would climb to $100,000.
Fidelity executive Jurrien Timmer, in his statement last month, compared BTC’s growth trajectory to that of technology giant Apple.
In October of last year, the same Fidelity executive said that he believed the Bitcoin price would eventually climb to $100,000.
*Not investment advice.