Jurrien Timmer, macro strategist at Fidelity Investments, evaluated the depreciation of the leading cryptocurrency Bitcoin and the current state of the market.
Fidelity Investments‘ Macro Strategist Commented on Bitcoin’s Depreciation
Evaluating the loss of value in Bitcoin with his share on his Twitter account, Timmer stated that he was surprised by the loss of $ 40,000 price levels of the leading cryptocurrency, which reached ATH levels of $ 69,000 in the last months of 2021.
Timmer gave the following words in his statements on the subject:
“It’s been a bad trip for the cryptocurrency market. Based on my demand model and on-chain dynamics, I thought the $40,000 price levels would be the bottom price levels, but we are now at the $35,000 price levels.”
Will Bitcoin Continue Downward Price Actions?
Stating that Bitcoin has lost value in recent months, contrary to the general expectation in the market, Timmer shared various technical images, stating that the current technical view points to an increase. The macro strategist of Fidelity Investments wrote that the recent losses in value are largely due to speculative trading and there is no change in Bitcoin’s strong fundamentals.
At the time of writing, the leading cryptocurrency BTC started trading at the price levels of $ 36,500 with its latest price movements. ETH, which is the second largest crypto asset of the crypto ecosystem in terms of market value, fell to the price levels of $ 2,400 after the latest losses.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.