CandleFocus Fidelity's Timmer Says Bitcoin Rally Is Following Old Playbook
2024-11-20
Author: Content Editor
Fidelity's Jurrien Timmer believes that Bitcoin is following the patterns of its previous cycles, with an "unmistakable rhythm" to its cycles. Timmer previously noted that falling interest rates were boosting Bitcoin and other assets. Bitcoin reached a new record high of $94,040 but has since dropped by nearly 2%. Despite this, Bitcoin is up over 32% this month and continues to follow the seasonal trend of October and November being strong months. Macro Risk's John Kolovos predicted that Bitcoin could potentially hit $240,000, citing the current strong trend. However, Mike Novogratz of Galaxy Digital warned of warning signs, such as high funding rates, and long-term holders reducing their positions.
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