Bitcoin makes headlines all over the place as the king coin smashes through $50k once again. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $50,192.38.
Now, it’s been revealed that Jurrien Timmer, global macro director at financial giant Fidelity, says Bitcoin (BTC) is just about to resume its uptrend.
Bitcoin market cap gets closer to new ATHs
In a new tweetstorm, he said that BTC is “no longer a sideshow” as the king crypto’s market cap inches closer to previous highs.
“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.”
He also said that BTC’s performance from the past two years is pretty similar to gold’s price action in the ’70s.
“Based on my (highly subjective) gold analog from the 1970s, Bitcoin looks ready to resume its up-trend.”
He also said that he’s impressed with Bitcoin’s recovery. More than that, he said that he’s seeing signals indicating that the leading crypto asset has already placed a bottom.
“I’m impressed how resilient Bitcoin and the crypto space in general have been during this 55% correction. The speculators (tourists) got crushed as they usually do during drawdowns and now make up only 17% of the market. That level is consistent with past bottoms.”
He addressed Bitcoin fundamentals and said:
“In fact, Bitcoin’s fundamentals (its network) are steadily improving. At the peak, there were 34.3 million addresses (with at least $1). That number fell to 31.8 million at the low and has now climbed back up to 33.5 million.”
The mass adoption of Bitcoin is also going great these days, with more moves being made in this direction.