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- 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.
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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.
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