The price of the first cryptocurrency could fall to $30 000 or even $23 000, said Jurrien Timmer, head of macroeconomic research at Fidelity Investments.
Bitcoin’s never-ending triangle: to me the decline from 65k still seems incomplete, with a 5th wave back to 30k (or even 23k) still looming. The analog to meme stocks fits this pattern. We’ll find out soon enough, but either way my sense is that most of the decline is behind us. pic.twitter.com/rk17LAd7Wf
— Jurrien Timmer (@TimmerFidelity) June 4, 2021
He compared Bitcoin’s price trajectories with Goldman Sachs’ Retail Favourites index, based on stocks popular with retail investors.
According to Timmer, digital gold remains ‘in an infinite triangle’.
“For me, the drop from $65,000 seems unfinished. The fifth wave leads to $30,000 or even $23 000. The analogy with meme stocks fits this pattern,” the analyst wrote.
Timmer added that much of the decline is already ‘behind us’.
As of writing, the first cryptocurrency trades at around $36 250, according to CoinGecko. Market capitalization — $678 billion.
Earlier, JPMorgan strategist Nikolaos Panigirtzoglou warned of a Bitcoin price drop to $24 000.
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