Bitcoin Is Forming a Bullish Double-Bottom Pattern

According to Fidelity’s Jurrien Timmer, Bitcoin has showcased a bullish pattern that could mark the end of the downtrend for the world’s largest cryptocurrency token.

Bitcoin’s double-bottom potential

The director of global macro at Fidelity Investments, Jurrien Timmer, posted on Twitter on March 1, 2022, that he has spotted a double-bottom Bitcoin pattern. 

This can be applied to Bitcoin-linked equities as well, which typically move similarly with the largest cryptocurrency token.

A double bottom pattern is typically an indication of a bearish-to-bullish reversal, which makes the beginning of a future uptrend.

Source: Jurrien Timmer from Fidelity Investments

That said, Bitcoin is now up 30% throughout the past week, and it has managed to pull off an impressive comeback, right after it plunged to as low as $34,391. 

The all-time high value of the Bitcoin (BTC) cryptocurrency token was on November 10, 2021, when the token reached $69,044.77.

As of March 2, 2022, the token is trading at $44,126.07.

This means that the flagship cryptocurrency token is still down by $24,918.7 or by 36% when compared to its record high.

Throughout the previous month, Timmer compared Bitcoin’s growth trajectory to that of the tech giant Apple. Additionally, in October, the Fidelity exec forecasted that the Bitcoin price could eventually climb to $100,000.

Additionally, the increased usage and interest in Bitcoin could be due to the $4 million in BTC raised to support the Ukrainian Army, where the token has proven to be an alternative to mobilize money throughout harsh times.

On the Flipside

• From its lowest point of $34,391 to its current value of $44,126.07, Bitcoin has seen an increase in value of 28%, or by $9,735.07, which signals a bullish trend.

Why You Should Care

According to this report, Bitcoin is on a trajectory for even further growth and could climb much higher in value, and as the market follows the trend BTC sets, this could mean an overall increase to the entire crypto market.