Fidelity Investments allows an early rise in the rate of the main crypto coin

According to Fidelity Investments top manager Jurrien Timmer, a “double bottom” pattern is forming on the BTC chart, which seems to indicate the growth of the asset in the future. A similar trend was recorded on stock charts that correlate with bitcoin, the analyst said.

The main crypto coin costs about $43,900 as of writing. The capitalization of bitcoin is $834 billion, according to CoinGecko. The price of BTC rose by 15% in a week.

Santiment analysts believe that the recent rapid growth in the rate of the first cryptocurrency is associated with negative investor sentiment since the end of 2020. Experts opined that, historically, the price of BTC has always started to rise after a high level of negative sentiment was recorded.

According to Currency.com financial analyst Mikhail Karkhalev, the recent sharp rise in the BTC rate is associated with massive purchases of digital currency by citizens concerned about problems in the work of the Russian and Ukrainian banking system.

“All the negativity associated with both the Fed’s intention to raise the rate and the situation in Ukraine is already fizzling out. Accordingly, an attempt to fall to $30,000 may be the last attack of the “bears,” the expert said.

Karkhalev considers it premature to talk about the exit of BTC from the sideways movement. A sign that the main crypto coin has returned to growth will be an increase in the price of the crypto asset to $52,000.

Leading analyst at 8848 Invest Viktor Pershikov noted that the mood of crypto market players indicates a tightening of monetary policy at the end of last year, and now investors are reassessing the risks. The expert believes that in the near future the price of BTC may exceed $55,000, after which another wave of decline may occur in the region of $32,000–34,000.

“In the second half of 2022, I continue to expect cryptocurrencies to grow to all-time highs,” Pershikov added.