Fidelity executives said that as the crypto market withdrew from “extreme fear”, Bitcoin price bottomed


Bitcoin (BitcoinThe price of) has bottomed out. An executive in the industry believes that the price trend of BTC has remained above $40,000.

in a tweet On June 14, Jurrien Timmer, global head of macroeconomics at Fidelity Investments, a US multinational financial services company, called for a halt to the further decline in Bitcoin prices.

Bitcoin bulls increase confidence

After soaring to the USD 40,000 resistance level, BTC/USD maintained a relatively high level on Monday.Although traders’ forecasts of pushing $47,000 have not yet been realized, the Fresh and high-profile praise From Elon Musk and Paul Tudor Jones and others.

For Timer, it is time to look higher, not lower, when charting the next move for Bitcoin.

“In my opinion, it looks like the bottom has reached,” he concluded.

Timmer uploaded a chart comparing BTC/USD with the GS retail favorite basket. This relationship highlights a similar partial bottom pattern.

GS retail favorite basket and BTC/USD chart.Source: Jurrien Timmer/Twitter

Fidelity recently increased its Bitcoin activity, freed A dedicated analysis platform, even suitable for emission Exchange-traded funds (ETF). U.S. regulators began reviewing the application at the end of May.

Fear and greed abandon emotions

At the same time, another aspect of returning to close to 40 cryptocurrencies is Crypto Fear and Greed Index -A classic sentiment indicator adds bullish sentiment.

related: Bitcoin indicators with a “perfect” history just tell you to buy on dips

After hitting its lowest point in more than a year in the last week, fear and greed have rebounded to 38/100-close to the neutral zone.

The index uses a basket of sentiment indicators to determine whether a trader is overly bullish or bearish at a certain price, thereby determining whether the token is oversold or should be sold conversely.

Crypto Fear and Greed Index as of June 15. Source: Alternative.me