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What to Expect from Bitcoin After ETF Approval:Jurrien Timmer Shares His Opinion

The post-ETF approval dip won’t affect Bitcoin’s bullish bias, says Timmer 

In the wake of the recently approved Bitcoin ETF, Bitcoin (BTC) experienced a notable decline, dropping almost 7% in value. This movement, however, is interpreted differently by Fidelity's Director of Global Macro, Jurrien Timmer. Contrary to the bearish forecasts post-ETF approval, Timmer suggests that the current downturn is more of a short-term adjustment rather than a reversal of Bitcoin's long-term upward trend. 

He believes that the market is in a phase of recalibrating following the big event, implying a temporary impact rather than a detrimental shift. Timmer's perspective offers a fresh lens on the situation, seeing it as a momentary pause in Bitcoin's otherwise steady ascent, challenging the more pessimistic views in the crypto community.

A new chapter for Bitcoin?

Jurrien Timmer, in his recent remarks, shed light on Bitcoin's future, postulating it as a new chapter towards its widespread adoption as a commodity-currency. According to him, the current price levels are reasonable, influenced by the growth of Bitcoin's network and prevailing economic interest rates. Despite the recent rally stalling, many asset managers continue to show substantial interest, maintaining significant net long positions in the Bitcoin futures market. 

Jurrien Timmer (@TimmerFidelity):

"The short-term question is whether this is a sell-the-news moment. My guess is that it will take a little time to consolidate the recent gains, now that the big moment has arrived," 

"There were more than a few participants who 'equitized' future spot positions through either the futures market or bitcoin-sensitive equities."

This trend underscores a broader confidence in Bitcoin's long-term value proposition. Timmer's insights suggest that while immediate gains might consolidate, the longer-term prospects of Bitcoin remain promising. His commentary not only reassures investors but also points towards an evolving landscape where Bitcoin's role as a digital commodity-currency becomes increasingly recognized.

Jurrien Timmer (@TimmerFidelity):

“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? 🧵”