Jurrien Timmer, Fidelity’s global macro director, says he still prefers Bitcoin over gold despite both assets facing selling pressure in a risk-off environment. He notes that Bitcoin’s relative performance is holding up better, while both assets now show a 60% to 70% correlation with the S&P 500. In October 2024, he estimated that a new four-year Bitcoin bull cycle could be underway based on power-law patterns. Bitcoin traded at $75,904, down 0.08% over 24 hours, after a stronger-than-expected U.S. jobs report. Interest-rate markets priced in more than a 77% chance of a 0.25% Federal Reserve cut on December 9, with upcoming inflation and employment data likely to determine the final decision.
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