Jurrien Timmer, director of global macro at Fidelity Investments, told his 56,000 Twitter followers on Monday that he believes Bitcoin's price has found its bottom. "In my view, it looks like the bottom is in," the Fidelity executive explained, sharing a BTC/USD chart that drew over 4,000 likes and nearly 700 retweets.
Bitcoin Halved from All-Time High, Mixed Views on Bottom
Bitcoin touched an all-time high of $64,895 in mid-April before plunging to $30,066 on May 19. It has not broken below the $30K level since, but analysts remain divided. Macro Hedge Fund strategist Kevin Wides predicted a further drop to $12,000, stating his logarithmic chart supports that outcome. In contrast, many bitcoiners agreed with Timmer's optimistic call.
Fidelity's Growing Crypto Bet: $102M Bitcoin Fund
Fidelity's bullish stance on Bitcoin extends beyond Timmer. CEO Abigail Johnson has long been a vocal supporter, having allowed employees to pay for lunch with BTC and even mining the cryptocurrency in 2017. The firm launched a dedicated digital asset subsidiary and a Bitcoin fund that raised $102,350,437 from 83 high-net-worth investors last summer.
Earlier this year, Timmer authored a Fidelity Insights report advocating for Bitcoin allocation: "Bitcoin, by design, is a finite asset...as its network increases, Bitcoin's value and durability could increase even faster. In my view, some investors may wish to consider Bitcoin alongside other alternatives as one component of the bond side of a 60/40 stock/bond portfolio."
Market Divergence Remains
Despite Timmer's confidence, Bitcoin continues to trade around $35,000 with potential for another leg down. However, Fidelity's institutional endorsement signals growing mainstream acceptance of digital assets as a legitimate portfolio component.