Summary
- Fidelity said Bitcoin could take less time than in the past to rise from $100,000 to $200,000.
- Fidelity said Bitcoin has climbed about 50% from its $58,000 low and has shown a pattern similar to the recovery after the 2022 bear market.
- Fidelity said Bitcoin's rate of gains has slowed with each market cycle and that past price action does not guarantee future gains.
Fidelity said Bitcoin could take less time than in past cycles to rise from $100,000 to $200,000.
Bitcoin News reported on October 24 that Zack Wainwright, a research analyst at Fidelity Digital Assets, said Bitcoin took about 16 years to top $100,000 for the first time. The climb from $100,000 to $200,000 could be much faster, he said.
Wainwright said Bitcoin's recent price action resembles earlier recoveries from bear markets. As of October 12, Bitcoin had risen about 50% from its June bear-market low of $58,000, showing a pattern similar to the recovery following the 2022 bear market.
He also noted that Bitcoin's rate of gains has slowed over successive market cycles. Past price action does not guarantee future gains.
As of 10:40 p.m., Bitcoin was trading at $80,586, down 1.31% from a day earlier.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.