• When compared to the 1970s gold rally, Fidelity’s Director predicts further gains for Bitcoin (BTC)

  • Following an all-time high of $67,000 earlier this week, Bitcoin has retraced nearly 10% and is trading near $61,000 as of press time. Despite the fact that Bitcoin retracements are nothing new, market analysts continue to believe in the Bitcoin story.

    Jurrien Timmer, director of Global Macros at Fidelity, predicts that the Bitcoin price will continue to rise based on demand and supply models.

    Timmer stated earlier this week that the price of Bitcoin could reach $100,000 by 2023. Of course, Timmer does not expect the BTC price to immediately reach $100,000, and he warns that there may be some pullbacks along the way. Thus, he continues by comparing it to the gold price rally of the 1970s:

    With gold’s analogy from the 1970s in mind, I wouldn’t be surprised to see a surge followed by a correction. That would be very similar to bitcoin’s previous boom/bust cycles and would be the most non-linear thing it could do.

    “Bitcoin is a more convex version of gold,” Timmer said. Its supply is becoming increasingly scarce, and gold lacks the network dynamics that bitcoin does, so it stands to reason that bitcoin will outperform gold. Bitcoin and gold are distinct members of the same team.”

    This Is Not a Speculation-Driven Rally

    Timmer commented on the recent BTC price really, saying that it is not just speculative, but also more sustainable. He continued, saying:

    “Because this has not been a momentum-fueled run by short-term speculators, I have some confidence that this is a fairly sustainable move and not a bubble about to burst.”

    Fidelity has been working on building an infrastructure around Bitcoin. Furthermore, it has engaged in active discussions with regulators in order to develop a proper regulatory framework for Bitcoin and its derivative products. Timmer, however, is not alone in forecasting a massive bull run for BTC in the near future. Lark Davis, a crypto analyst, predicted that the next six months will be a wild ride for Bitcoin on Friday, October 22.

    The next 6 months / 9 years in #bitcoin and #crypto will probably be mega crazy! Many of you will have the chance to completely change your financial destiny.

    Here’s a guide on how NOT to screw it up 👇

    — Lark Davis (@TheCryptoLark) October 22, 2021

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