Jurrien Timmer, director of global macro at Fidelity Investments, has weighed in on the Bitcoin price action, arguing that $70,000 is the main level to watch.
“Perhaps this correction will set up for the next launch, but for now, all eyes are on support at the $70k,” Timmer said.
According to Timmer, Bitcoin has now returned to “a more grounded” valuation level following the recent price drop.
His valuation model is based on the internet S-curve and the power curve of wallet growth.
The cryptocurrency is currently changing hands at $83,016 after adding 0.3% over the past 24 hours.
Earlier, Bloomberg’s Mike McGlone predicted that the price of the leading cryptocurrency could plunge to the $70,000 level.
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