{"id":473693,"date":"2021-10-13T23:16:30","date_gmt":"2021-10-13T23:16:30","guid":{"rendered":"https:\/\/wncen.com\/?p=473693"},"modified":"2024-06-11T13:59:27","modified_gmt":"2024-06-11T13:59:27","slug":"bitcoin-be-far-ath-fidelity-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-be-far-ath-fidelity-analyst\/","title":{"rendered":"Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst"},"content":{"rendered":"<p>The bulls are back in control after a brief drop in the price of Bitcoin. The first cryptocurrency by market cap trades north of $57,000 with a 2.5% and 11.1% profit in the daily and weekly charts, respectively.<\/p>\n<figure id=\"attachment_473696\" aria-describedby=\"caption-attachment-473696\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473696 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-6.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-473696\" class=\"wp-caption-text\">BTC on a rally in the daily chart. Source: BTCUSD Tradingview<\/figcaption><\/figure>\n<p>The general sentiment in the markets it\u2019s bullish, as operators and traders expect Bitcoin to fulfill its historical performance. BTC\u2019s price usually tends to trend to the upside as the year comes to an end.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-bull-zone-rsi\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Prepares To Blast Off Back Into RSI \u201cBull Zone\u201d<\/a><\/strong><\/p>\n<p>Bitcoin is trading less than $10,000 away from its all-time high at $64,870 and it could run into uncharted territory if, as the Director of Macro for Fidelity Jurrien Timmer said in an <a href=\"https:\/\/www.cnbc.com\/video\/2021\/10\/13\/bitcoin-could-reach-100k-by-2023-fidelity-investments-director-says.html\" target=\"_blank\" rel=\"noopener nofollow\">interview<\/a> with CNBC, short-term holders FOMO into BTC. These investors are those that have only held BTC for the past 3 months.<\/p>\n<p>As seen in the chart below, only 15% of the BTC total supply is currently held by \u201cmomentum chasers\u201d. In order for Bitcoin to reach new highs, this metric must stand above 20%.<\/p>\n<figure id=\"attachment_473697\" aria-describedby=\"caption-attachment-473697\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473697 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-9.jpg?resize=860%2C499\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"499\"><figcaption id=\"caption-attachment-473697\" class=\"wp-caption-text\">Source: Jurrien Timmer via Twitter<\/figcaption><\/figure>\n<p>In that sense, Timmer believes Bitcoin\u2019s current run to the upside lack \u201cexcessiveness\u201d which could suggest some stability and sustainability for the current price action. Unlike previous rallies, this time Bitcoin seems to be moving outside the influence of \u201cspeculators\u201d, as Timmer called them.<\/p>\n<p>However, some traders could find Timmer\u2019s prediction disappointing as he believes the benchmark crypto is far from the major psychological mark of $100,000.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-short-term-supply-alltime-low\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Short-Term Supply Reaches All-Time Low<\/a><\/strong><\/p>\n<p>When the expert checked the Bitcoin\/Gold ratio to analyzed BTC\u2019s supply to demand model, he found the following:<\/p>\n<blockquote><p>So is bitcoin on its way to new highs? I know better than to make bold price projections but I will note that the next (and last) time my supply-and-demand models intersect is at around $100k in 2023 or 2024.<\/p><\/blockquote>\n<figure id=\"attachment_473698\" aria-describedby=\"caption-attachment-473698\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473698 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-10.jpg?resize=860%2C502\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"502\"><figcaption id=\"caption-attachment-473698\" class=\"wp-caption-text\">Source: Jurrien Timmer via Twitter<\/figcaption><\/figure>\n<h2>Bitcoin Far From The Top, Bulls Step On The Accelerator<\/h2>\n<p>On the other hand, analyst Allen Au looked at the Bitcoin Pi Cycle Top indicator to determine if the cryptocurrency has entered a bearish phase. This metric has been historically accurate to predict market tops.<\/p>\n<p>As the analyst explained, it uses the 111-day simple moving average and the 250 simple moving average (SMA) of the price of Bitcoin. When these two intertwine, operators begin to suspect BTC has reached its top.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-accumulation-shows-bullish\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders<\/a><\/strong><\/p>\n<p>Unlike Timmer, this model predicts a Bitcoin price beyond the $300,000 mark by the end of 2021. As the analyst clarified, Bitcoin needs to outperform the previous bullish cycle in order for the metric to be accurate:<\/p>\n<blockquote><p>What I&#8217;ve shown is not to invalidate the Pi Cycle Top indicator or agree that there is a lengthening cycle. What the simulations have shown is that the Pi Cycle Top will miss BTC&#8217;s cycle peak if it were to occur in Dec. 2021 unless BTC is in a supercycle now.<\/p><\/blockquote>\n<figure id=\"attachment_473699\" aria-describedby=\"caption-attachment-473699\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473699 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTC-BTCUSD-2.jpg?resize=860%2C324\" alt=\"BTC BTCUSD\" width=\"860\" height=\"324\"><figcaption id=\"caption-attachment-473699\" class=\"wp-caption-text\">Source: Allen Au via Twitter<\/figcaption><\/figure>\n<p>In the scenarios presented by Au, without taking into consideration the exact BTC\u2019s price prediction, the cryptocurrency will trend to the upside at least until it reaches its potential peak in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bulls are back in control after a brief drop in the price of Bitcoin. The first cryptocurrency by market cap trades north of $57,000 with a 2.5% and 11.1% profit in the daily and weekly charts, respectively. The general sentiment in the markets it\u2019s bullish, as operators and traders expect Bitcoin to fulfill its historical performance. BTC\u2019s price usually tends to trend to the upside as the year comes to an end. Related Reading |\u00a0Bitcoin Price Prepares To Blast Off Back Into RSI \u201cBull Zone\u201d Bitcoin is trading less than $10,000 away from its all-time high at $64,870 and it could run into uncharted territory if, as the Director of Macro for Fidelity Jurrien Timmer said in an interview with CNBC, short-term holders FOMO into BTC. These investors are those that have only held BTC for the past 3 months. As seen in the chart below, only 15% of the BTC total supply is currently held by \u201cmomentum chasers\u201d. In order for Bitcoin to reach new highs, this metric must stand above 20%. In that sense, Timmer believes Bitcoin\u2019s current run to the upside lack \u201cexcessiveness\u201d which could suggest some stability and sustainability for the current price action. Unlike previous rallies, this time Bitcoin seems to be moving outside the influence of \u201cspeculators\u201d, as Timmer called them. However, some traders could find Timmer\u2019s prediction disappointing as he believes the benchmark crypto is far from the major psychological mark of $100,000. Related Reading |\u00a0Bitcoin Short-Term Supply Reaches All-Time Low When the expert checked the Bitcoin\/Gold ratio to analyzed BTC\u2019s supply to demand model, he found the following: So is bitcoin on its way to new highs? I know better than to make bold price projections but I will note that the next (and last) time my supply-and-demand models intersect is at around $100k in 2023 or 2024. Bitcoin Far From The Top, Bulls Step On The Accelerator On the other hand, analyst Allen Au looked at the Bitcoin Pi Cycle Top indicator to determine if the cryptocurrency has entered a bearish phase. This metric has been historically accurate to predict market tops. As the analyst explained, it uses the 111-day simple moving average and the 250 simple moving average (SMA) of the price of Bitcoin. When these two intertwine, operators begin to suspect BTC has reached its top. Related Reading |\u00a0Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders Unlike Timmer, this model predicts a Bitcoin price beyond the $300,000 mark by the end of 2021. As the analyst clarified, Bitcoin needs to outperform the previous bullish cycle in order for the metric to be accurate: What I&#8217;ve shown is not to invalidate the Pi Cycle Top indicator or agree that there is a lengthening cycle. What the simulations have shown is that the Pi Cycle Top will miss BTC&#8217;s cycle peak if it were to occur in Dec. 2021 unless BTC is in a supercycle now. In the scenarios presented by Au, without taking into consideration the exact BTC\u2019s price prediction, the cryptocurrency will trend to the upside at least until it reaches its potential peak in 2022.<\/p>\n","protected":false},"author":535,"featured_media":471743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-473693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst<\/title>\n<meta name=\"description\" content=\"The bulls are back in control after a brief drop in the price of Bitcoin. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst","description":"The bulls are back in control after a brief drop in the price of Bitcoin. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst","url":"http:\/\/wncen.com\/news\/bitcoin-be-far-ath-fidelity-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-be-far-ath-fidelity-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/1062021-05-19t203912z_144465080_rc28jn9cpt2v_rtrmadp_0_crypto-currency-bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/1062021-05-19t203912z_144465080_rc28jn9cpt2v_rtrmadp_0_crypto-currency-bitcoin.jpeg?fit=720%2C405"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-10-13T23:16:30Z","datePublished":"2021-10-13T23:16:30Z","dateModified":"2024-06-11T13:59:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-be-far-ath-fidelity-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-be-far-ath-fidelity-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/1062021-05-19t203912z_144465080_rc28jn9cpt2v_rtrmadp_0_crypto-currency-bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/1062021-05-19t203912z_144465080_rc28jn9cpt2v_rtrmadp_0_crypto-currency-bitcoin.jpeg?fit=720%2C405\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-13T23:16:30Z\",\"datePublished\":\"2021-10-13T23:16:30Z\",\"dateModified\":\"2024-06-11T13:59:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/1062021-05-19t203912z_144465080_rc28jn9cpt2v_rtrmadp_0_crypto-currency-bitcoin.jpeg?fit=720%2C405","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=473693"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/471743"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=473693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=473693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=473693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}