Posted 1/17/2024, 9:03:00 AM
Bitcoin Prices Dip After ETF Launch But Long-Term Outlook Still Strong, Says Fidelity's Timmer
- Bitcoin is down 7% in the past week due to market impact of recently approved BTC ETF
- Fidelity's Jurrien Timmer expects consolidation, not reversal, of recent BTC price gains
- Timmer forecasts BTC will take time to consolidate gains now that ETF anticipation is over
- Per Timmer, BTC's current price makes sense given network growth, interest rates, long-term prospects
- Many asset managers still have significant net long positions in bitcoin futures market