Fidelity Investments, through its director of global macro Jurrien Timmer, considers Bitcoin as a diversification element beyond traditional stock-and-bond portfolios. According to Timmer, the cryptocurrency shows a correlation of approximately 30% with the S&P 500 and near-zero with long-term U.S. Treasuries, placing it alongside assets such as gold, commodities, and leveraged loans. Bitcoin is currently trading around $85,984, having broken above the $80,000 level, which Timmer interprets as confirmation of a double-bottom formation targeting $100,000. The cryptocurrency is also showing notable strength relative to gold, and Timmer believes the recent support around $60,000 could mark the end of the Bitcoin winter and the beginning of a new four-year bull-market cycle.
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