Bitcoin (BTC) has already hit its price bottom, one of the industry’s top executives believes as BTC price action stays above $40,000. In a tweet on Monda, Jurrien Timmer, director of global macro at U.S. multinational financial services corporation Fidelity Investments, called time on any further Bitcoin price dips.
BTC/USD maintained higher levels overnight on Monday after surging through $40,000 resistance. Despite not yet fulfilling traders’ predictions of a $47,000 push, the mood has become broadly positive on the back of fresh high-profile praise from the likes of Elon Musk and Paul Tudor Jones.
For Timmer, the time has come to look higher, not lower, when it comes to charting Bitcoin’s next move. “In my view, it looks like the bottom is in,” he summarized. Timmer uploaded a chart comparing BTC/USD with the GS Retail favorites basket, a relationship that highlights similar local bottom formations.
A new survey of 100 chief financial officers at hedge funds worldwide has indicated that the sector is planning a significant increase in its exposure to crypto assets in the near term.
The survey, conducted by Intertrust, suggests that if the respondents’ forecasts were broadly mirrored across the sector, assets in crypto held by global hedge funds could hit $312 billion. United States-based funds were most bullish about the new asset class, expecting to raise their portfolio exposure to crypto to 10.6% on average within five years.
Their European Union- and United Kingdom-based counterparts gave a slightly more modest figure, although still significant: 6.8% on average. Intertrust’s sample included chief financial officers of funds that each manage an average of $7.2 billion in assets. The CFOs themselves personally expected to have a minimum of 1% of their portfolios in crypto.
High-profile hedge fund managers such as Paul Tudor Jones have been vocal advocates of Bitcoin (BTC) amid concerns about inflationary tendencies in the economy. SkyBridge Capital CEO Anthony Scaramucci takes a similar view of Bitcoin’s potential as a store of value, considering it superior to gold.
Despite Bitcoin (BTC) and the wider cryptocurrency market experiencing one of its worst crashes in recent memory, investors are apparently more bullish than ever regarding the future fortunes of Bitcoin and a host of altcoins.
That’s according to the results of a Q2 retail investment survey conducted by crypto firm Voyager Digital, which polled 3,671 high-frequency traders on the Voyager platform.
The survey’s findings revealed that 81% of respondents are more confident in the future of cryptocurrency, even after the violent price crash in April and May, which saw Bitcoin and others lose more than 50% of their value.
Many coins have since recovered significantly, although the market still remains uncertain. Despite this, 87% of the survey’s respondents said they plan to increase their crypto holdings over the next quarter — an increase on the 80% who said the same in Q1.
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