Bitcoin has climbed up from every major resistance level in the past month. At the time of writing, BTC trades at $48,412 with a 3.8% profit. After weeks in the green, the general sentiment in the crypto market has flipped decisively bullish as sellers seem exhausted and unable to continue their assault. Director of Global Macroeconomics for investment firm Fidelity Jurrier Timmer believes Bitcoin could retake previous highs and go back to price discovery. In a thread published via Twitter, Timmer compared BTC’s price at different historical moments. As seen below, Bitcoin’s current price action is “similar” to the distribution phase experience during February and April. At that moment, BTC’s price seemed stuck but finally moved to the upside. Timmer said: With the latest rally, bitcoin’s market cap is closing in on the old highs. If we add in the rest of the crypto space, we have reclaimed a market cap of $2 trillion. This is no longer a sideshow, folks. Many experts believe the macro-economic environment has favored Bitcoin, gold, and risk assets capable of generating yield for investors. In that sense, Timmer compared BTC’s performance with gold in 1970. As seen below, the cryptocurrency and the precious metal behaved similarly. Although the expert clarified that this prediction is “highly subjective”, it could be an indication of future appreciation as BTC takes over gold’s market share. Timmer added: In fact, bitcoin’s fu...
