Fidelity's Jurrien Timmer suggests a new 4-year Bitcoin bull market is commencing, citing the cryptocurrency's breakout above $60,000 support and a positive shift in its BTC/gold price ratio Z-score. This analysis, combined with Bitcoin topping $87,000, indicates strong bullish sentiment and potential for sustained upward momentum.
Jurrien Timmer, Director of Global Macro at Fidelity Investments, has indicated that Bitcoin's 'winter' is over and a new 4-year bull market cycle is underway. This assessment is based on Bitcoin holding the $60,000 support level for nearly a year and the BTC/gold price ratio's Z-score turning positive, historically marking market bottoms. This is significant for traders as it suggests a potential sustained upward trend for Bitcoin, reinforced by its recent surge past $87,000 and Coinbase CEO Brian Armstrong's long-term bullish price predictions. The 'Extreme Greed' sentiment and liquidation of short positions highlight the current market enthusiasm, but also a potential for volatility if sentiment shifts.