Fidelity’s Global Macro Director Jurrien Timmer Says Bitcoin Has Bottomed And Should Beat Gold Here On

Fidelity's Jurrien Timmer: Bitcoin Outperforms Gold After Bottoming

Bitcoin's Bottoming Out

Fidelity's Global Macro Director Jurrien Timmer says Bitcoin has bottomed and should outperform gold. He notes that Bitcoin's price tested $60,000 before falling to $58,000, indicating a double bottom pattern.

A Maturing Asset

Timmer says Bitcoin is a maturing asset that will 'moon less and swoon less'. He notes that each winter is shorter than the previous one, and the asset is less volatile.

Gold's Fair Value

Timmer estimates gold's fair value to be around $5,000, but speculators drove it to $5,600. He notes that Bitcoin priced in gold also shows a double bottom pattern.

Stealth Correction

Timmer warns of a stealth correction due to rising 10-year Treasury yields. He notes that gold, Bitcoin, and commodities are ways to diversify a portfolio when stocks and bonds fall together.

Conclusion

Timmer's take comes with a warning on bonds. He says rising yields are putting pressure on stocks and creating a stealth correction. Bitcoin's price was trading around $82,935, flat over the past 24 hours.