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Bitcoin ETF

Bitcoin

James

<div class="cryptonews">
 <p class="is-style-lead">Fidelity expert calls current BTC current price a “hangover” after the launch of spot BTC-ETFs, not overall trend reversal.</p>
 <p>Taking to X, Global Macro Fidelity director Jurrien Timmer says the 7% drop in Bitcoin (BTC) price over the past week suggests a short-term positioning adjustment rather than a long-term trend reversal.</p>
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    <p lang="en" dir="ltr">Well, the moment finally came last week, which is very exciting to say the least. Will this be a new chapter towards Bitcoin’s widespread adoption as a commodity-currency?</p>— Jurrien Timmer (@TimmerFidelity) January 16, 2024
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 <p>Despite analysts predicting a reversal in BTC price to the $32,000-$38,000 levels, Timmer <a rel="noopener noreferrer nofollow" title="expects" href="https://thebittimes.com/tag/expects.html">expects</a> <a rel="noopener noreferrer nofollow" title="recent" href="https://thebittimes.com/tag/recent.html">recent</a> <a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a> to <a rel="noopener noreferrer nofollow" title="consolidate" href="https://thebittimes.com/tag/consolidate.html">consolidate</a>.</p>
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  <p>“The short-term question is whether this is a sell-the-news moment. It will take a little time to <a rel="noopener noreferrer nofollow" title="consolidate" href="https://thebittimes.com/tag/consolidate.html">consolidate</a> the <a rel="noopener noreferrer nofollow" title="recent" href="https://thebittimes.com/tag/recent.html">recent</a> <a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a> now that the big moment has arrived.”</p> <cite>Jurrien Timmer, Global Macro Fidelity director</cite>
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 <p>According to Trimmer, the current price of Bitcoin is reasonable and depends on how much its network grows, and the actual interest rates in the economy and long-term prospects look rosy.</p>
 <p>Moreover, although the rally has stalled, many asset managers continue to have significant net long positions in the Bitcoin futures market.</p>
 <p>Last week, the U.S. Securities and Exchange Commission (SEC) approved launching 11 exchange-traded funds (ETFs) that invest directly in Bitcoin. However, despite the hype, the price of BTC did not support the positive news and fell by 7% over the past week to $42,800 at the time of writing.</p>
 <p>Meanwhile, according to data from Bloomberg analyst James Seyffart, the trading volume of spot Bitcoin ETFs in the United States has now approached $10 billion.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/fidelity-expects-bitcoin-to-consolidate-recent-gains-tbt76831.html">https://thebittimes.com/fidelity-expects-bitcoin-to-consolidate-recent-gains-tbt76831.html</a></p>

Fidelity expects Bitcoin to consolidate recent gains

TheBitTimes

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