Fidelity Investments Executive Says Bitcoin has Entered into the Oversold Zone

Fidelity is one of the largest investment enterprises in the world. For the current year, the AUM under the firm was valued at $4.5 trillion. The firm has maintained a friendly stance towards the cryptocurrency markets. At present, the price of the top coin has been consistently plunging, which has resulted in a sharp decline in confidence among investors.

Several investors are closely watching the prices of Bitcoin plummet below the $20K psychological level. The Director of Fidelity Jurrien Timmer recently told the media that the direct result of Bitcoin price correction is reflected in the increasing activity around the token. It seems like big players and investors have continued to place their bets on the top coin and buy from the dip.

Glassnode’s Data on Bitcoin Price

This week, Timmer shared the dormancy flow indicator graphics issued by Glassnode analytical services. He claimed that the results of the flow indicator resemble a lot of the activity during the 2011 digital market scenario. He also addressed the most pressing questions that the cryptocurrency community members have been asking.

Commenting on the matter, he tried to address one big mystery the current market value of Bitcoin is cheaper than expectations? He noted that the P/E indicator for Bitcoin that is directly connected to its price/network ratio is mimicking the trends in the 2013 and 2017 bear markets. He also exclaimed that the current state of Bitcoin is in line with its price action state in 2020. He remarked that the price of the top coin is below the curve formed by a non-zero wallet addressed against its market valuation.

Abigail Johnson is the CEO and Chairperson at Fidelity Investments, who claimed recently that the firm has been taking an active interest in cryptocurrencies for years now. She noted that since the initiation of Bitcoin at the Global Macro organization, it is the 3rd bear market cycle. She pointed out that fundamentals support the price action improvement in the long run.

The trio of the biggest investment-driven enterprises in the world like Citadel Securities, Charles Schab Corporation, and Fidelity Investments is working in tandem with each other to create a global cryptocurrency network for retail brokers around the world. On the other hand, Fidelity is currently looking for new talent to extend and develop its cryptocurrency wing called Fidelity Digital Assets.

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