Fidelity's Jurrien Timmer Expects Bitcoin Sell-Off to be Short-Lived
Bitcoin has experienced a 7% decline in the past week due to the impact of the recently approved BTC ETF. However, Fidelity's Director of Global Macro, Jurrien Timmer, believes that the sell-off will not continue for much longer. Timmer expects a short-term positioning adjustment rather than a long-term trend reversal, and predicts consolidation of recent gains. Despite the stall in the rally, many asset managers still have a significant net long position in the bitcoin futures market, and Bitcoin's 50-week simple moving average has crossed above its 200-week average, suggesting a long-term bullish market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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