After Bitcoin hit a record high of $67,000 earlier this week. The price has dropped almost 10% and is trading near $61,000 at the present time. But analysts still believe in Bitcoin.
Fidelity’s Global Macros Director, Jurrien Timmer, predicts that BTC prices will continue to rise based on supply and demand models.
In an interview with CNBC earlier this week, Timmer said the BTC price will hit $100K by 2023.
But of course, Timmer didn’t expect the BTC price to go directly to $100K, adding that there could be some downside.
So, in comparison to the gold price surge in the 1970 Gold Rally, he adds:
“…taking into account the similarities of the 1970s, I wouldn’t be surprised to see an increase followed by a dormancy. This is very similar to bitcoin’s previous Boom Busts cycle, it can be said that its price will never rise in a straight line solely…”
During a CNBC interview earlier this week, Timmer said:
“…Bitcoin is a more unusual version of gold. Because there are many supply matters. And gold doesn’t have the network dynamics that bitcoin has, so it makes sense that bitcoin outperforms gold…”
He also added that
“…Bitcoin and gold are two completely different players. to play in the same team…”
Asked for his opinion on the latest BTC price, Timmer said this was not just speculation. But it’s also a price that will go over the long term, he adds:
“…This time, I’m pretty sure this is a long-term, relatively sustainable movement and not a bubble that doesn’t know when to break…”
Fidelity has also been involved in the construction of the Bitcoin infrastructure, and has also been in discussions with regulators to create an appropriate regulatory framework for Bitcoin in the future.
Timmer wasn’t the only one who predicted a huge BTC surge in the future. Crypto analyst Lark Davis also said that the next six months will be a major transformation for Bitcoin.