The ongoing rally in bitcoin can continue to record heights over the next two years, according to Fidelity director of Global/Macro Jurrien Timmer.
Based on his proprietary supply-and-demand model, Timmer sees bitcoin reaching $100,000 by 2023 as momentum traders begin to buy into the recent rally.
“This rally has come with little fanfare and doesn’t seem driven by momentum chasers. The percentage of coins held by short-term ‘tourists’ is down to just 15%. This tells me there could be room to run if momentum chasers pile in,” Timmer said.