According to Jurrien Timmer, director of global macro at U.S. multinational financial services corporation Fidelity Investments, the price of Bitcoin has reached its bottom, and there is no more room to buy the dip on the BTC/USD trading pair.
In a Monday tweet, Timmer expressed his optimism that Bitcoin will stay above $40,000.
After weeks of trading in the $34k region, Bitcoin reclaimed the $40k benchmark on Monday. The market sentiment also appears to be moving away from the “extreme fear” region on the back of positive news from El Salvador, Tanzania, and MicroStrategy.
Timmer is quite confident that Bitcoin’s next move will be in the upward direction and not lower.
In my view, it looks like the bottom is in.
He also uploaded a chart comparing the BTC/USD pair with the GS Retail favorites basket, suggesting that both scenarios share similar local bottom formations.
GS Retail favorites basket vs. BTC/USD chart. Source: Jurrien Timmer/Twitter
Speaking of the Crypto Fear & Greed Index, the sentiment gauge is almost 40, suggesting a reversal in the market sentiments. Just last week, the value was 13, depicting “extreme fear.”