Bitcoin (
$62,709.00 ) (BTC) has already hit its price bottom, one of the industry’s top executives believes as BTC price action stays above $40,000.
In a tweet on June 14, Jurrien Timmer, director of global macro at U.S. multinational financial services corporation Fidelity Investments, called time on any further Bitcoin ( $62,709.00 ) price dips.
Bitcoin ( $62,709.00 ) bulls increase confidence
BTC/USD maintained higher levels overnight on Monday after surging through $40,000 resistance. Despite not yet fulfilling traders’ predictions of a $47,000 push, the mood has become broadly positive on the back of fresh high-profile praise from the likes of Elon Musk and Paul Tudor Jones.
For Timmer, the time has come to look higher, not lower, when it comes to charting Bitcoin ( $62,709.00 ) ’s next move.
“In my view, it looks like the bottom is in,” he summarized.
Timmer uploaded a chart comparing BTC/USD with the GS Retail favorites basket, a relationship which highlights similar local bottom formations.
GS Retail favorites basket vs. BTC/USD chart. Source: Jurrien Timmer/ Twitter
Fidelity has increased its Bitcoin ( $62,709.00 ) activities in recent times, releasing a dedicated analytics platform and even applying to launch an exchange-traded fund (ETF). U.S. regulators began scrutinizing the application in late May.
Fear & Greed ditches the emotion
Meanwhile, another aspect of cryptocurrency which is back near 40 is the Crypto Fear & Greed Index — a classic sentiment gauge adding to the bullish mood.
Related: A Bitcoin ( $62,709.00 ) indicator with a ‘perfect’ history just told you to buy the dip
After hitting its lowest in more than a year in recent week, Fear & Greed has rebounded to 38/100 — approaching neutral territory.
The Index uses a basket of sentiment measures to determine whether traders are overly bullish or bearish at a certain price, and therefore whether tokens are oversold or conversely due for a sell-off.
Crypto Fear & Greed Index as of June 15. Source: Alternative.me
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