Billionaire Hedge Fund Manager Analysis Points to a Bitcoin Rally in Waiting
A projection by Paul Tudor Jones, a billionaire hedge fund manager who in mid-2020 invested $200 million in Bitcoin, says the BTC price may rally to a new high. Basing his analysis on Fractals, a technical indicator, he said the safe-haven and fixed supply of the digital gold may anchor an explosive growth going forward.
Crypto assets are volatile, and Bitcoin leads the pack. Before the liquidity injection in 2017, it was synonymous with volatility. However, it has since tapered. Now billionaires and technical analysts project better prices. Paul Tudor Jones, a hedge fund manager with interests in Bitcoin, said the coin’s fixed supply and safe-haven status would propel gold. Like Thomas Fitzpritz of Citibank, he sees a similarity between current BTC prices with those of gold in the early 1970s.
Impact on the BTC Price:
Bullish. The Bitcoin price has recoiled and is trading above $18k at the time of writing. With projects from successful analysts and investors like Tudor, there seems to be room for more upsides. A break above $20,000 could see the Bitcoin price tear up to over $21k to possibly $31k.
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