Fidelity’s Jurrien Timmer Announces Bitcoin (BTC) Price Forecast

After hitting an all-time high of $67,000 earlier this week, Bitcoin has recorded a pullback of around 10% and is trading close to the $61,000 levels at the time of publication. Despite the pullback in Bitcoin price, market analysts continue to lag behind their beliefs about Bitcoin.

Jurrien Timmer, Fidelity’s director of Global Macros, predicts that the BTC price will continue to rise based on demand and supply patterns. Speaking to CNBC earlier this week, Timmer said that the BTC price could reach $100,000 by 2023. Timmer does not expect the BTC price to rise directly to $100,000, adding that there may be some pullbacks along the way. Comparing his Bitcoin forecast to the 1970s Gold price rise, he adds:

“Given the example of gold in the 1970s, it wouldn’t surprise me to see a surge followed by a correction. This is very similar to Bitcoin’s previous bullish/collapse cycles.”

During a CNBC interview earlier this week, Timmer also said:

“Bitcoin is a more convex version of gold. It has a scarcer supply than ever, and gold doesn’t have the network dynamics that Bitcoin has, so it makes sense for Bitcoin to outperform gold. Bitcoin and gold are two different players on the same team.”

Commenting on the last BTC price, Timmer said that this is a more sustainable price, not just speculation, and added:

“This is not a momentum driven by short-term speculators, which gives me some confidence that this is actually a very sustainable move and not a bubble that is about to burst.”

Finally, Timmer isn’t the only one who thinks there will be an ongoing mega bull run for BTC. On Friday, October 22, crypto analyst Lark Davis said that the next six months will be a crazy journey for Bitcoin.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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