In a thread on X, Timer, Fidelity’s Director of Global Macro, said current trends in bitcoin’s price are suggestive of a short-term positioning adjustment rather than a long-term trend reversal.
While some have forecasted that bitcoin might drop and find support anywhere between the $32K to $38K mark, Timmer expects consolidation of recent gains.
“The short-term question is whether this a sell-the-news moment. My guess is that it will take a little time to consolidate the recent gains, now that the big moment has arrived,” Timmer posted on X. “There were more than a few participants who ‘equitized’ future spot positions through either the futures market or bitcoin-sensitive equities.”
Per Trimmer, bitcoin’s current price is reasonable and is affected by how much its network is growing and the actual interest rates in the economy and the longer-term prospects look bright.
“”Will this be a…
