Fidelity Investments’ director of global macro, Jurrien Timmer, has noticed a double-bottom Bitcoin pattern.
According to Timmer, the same is true for Bitcoin-linked shares, which typically move in lockstep with the leading cryptocurrency.
A bearish-to-bullish reversal, signaling the start of a future rally, is frequently indicated by a double bottom pattern.
For the first time since February 10, the crypto king came close to breaking through the $45,000 barrier.
Bitcoin is already up about 30% in the last week, following a stunning recovery from a low of $34,391. The world’s most popular cryptocurrency is still down 35.97% from its all-time high.
Timmer compared Bitcoin’s ascent to that of tech titan Apple last month.
The Fidelity executive predicted that the Bitcoin price will finally rise to $100,000 in October.
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