Fidelity Analyst Unveils Two Factors That Could Disappoint Crypto Investors: A 2023-2024 Bitcoin Expert Forecast!

  • Jurrien Timmer, Global Macro Director at Fidelity Investments, anticipates a limited increase in Bitcoin (BTC) for the coming year.
  • According to Timmer, BTC may struggle to exceed $45,000 in 2024.
  • If the Federal Reserve lowers interest rates, BTC could potentially reach a new peak between $68,000 and $96,000 by the end of the year, based on the BTC adoption graph.

As a leading asset management firm with a long-standing interest in cryptocurrencies, Fidelity manages trillions of dollars in client assets. Fidelity’s expansion in the crypto space is positive for the markets in the long run, but short and medium-term risks remain irrespective of the association of names like BlackRock or Fidelity with crypto.

Insights on Cryptocurrency from Fidelity

Jurrien Timmer, the Global Macro Director at Fidelity Investments, warns that two factors could potentially limit Bitcoin’s upward movement for some time. In his latest market evaluation, Timmer suggests that the combination of Bitcoin’s adoption rate and high interest rates could limit the rise of the leading cryptocurrency. According to him, we may not see a Bitcoin price beyond $45,000 for most of 2024.

Timmer’s price prediction takes into account a Bitcoin adoption rate based on the past adoption rate of the internet and a downward pressure of at least a 2% real interest rate, which includes nominal interest adjusted for inflation.

Predictions for Bitcoin in 2024

Based on his graph, Timmer suggests that Bitcoin’s upward movement could only reach a ceiling of $45,616 by the end of next year. However, if interest rates fall, the BTC price could rise to as much as $96,210 within 2024 in this scenario.

Timmer also models the price movement if Bitcoin follows a typical power curve. The model suggests that Bitcoin could reach an all-time high of $68,992 in December 2024.

Conclusion

At the time of writing, the BTC price is trading well below all these upward targets at the $26,000 level. The Jackson Hole on August 25 and the potential GBTC decision on August 22 will be two critical dates that investors will closely monitor in the coming week.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img