Despite projections from various market analysts who think Bitcoin would go through a bearish period pushing prices down towards the $30K level, the digital currency token has been able to stay closer to $40K. According to Fidelity Investments executive Jurrien Timmer, BTC/USD is actually oversold at this point, thus clearing the way for a push back towards $50K.
While many Bitcoin traders are still holding their heads in their hands about this latest news, this is actually not the first time an analyst has predicted BTC/USD would rise back up towards $50K. About a year ago, a former portfolio manager of Fidelity Investments made a similar call.
However, in this case, the Fidelity economist and asset strategist Jurrien Timmer has a more solid track record with his predictions about the current state of the crypto market, having identified Bitcoin’s meteroric rise last October.
Timmer’s prediction was based on the fact that, even though the crypto market was in the midst of a major sell-off in early January, as a whole, the market was still in good shape. Therefore, he argued that the current bull run in the crypto market was only beginning.
The market was also primed for a bounce back, with Bitcoin already hitting a record-breaking high. Hence, he said that there was room for a surge as the market reached new highs. His prediction now that Bitcoin has gone through a short-term bearish phase is that the market would be about to start a new bull run, one that would lead the market to new heights.
He also predicted that Bitcoin would be trading at $100K by 2022. Thus, as the crypto market continued its bull run, Bitcoin would eventually reach those new heights.
While the cryptocurrency market has not yet hit the highs of 2022 in terms of price, that day is not far away, and Bitcoin could be about to break above the $50K level, according to some analysts and traders. It should be noted that many of these projections are highly technical, and they are largely based on the relative strength indicator (RSI) levels that have been observed in the cryptocurrency market since December 2021.