{"id":407263,"date":"2022-02-18T14:25:00","date_gmt":"2022-02-18T11:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth\/"},"modified":"2022-02-18T14:25:00","modified_gmt":"2022-02-18T11:25:00","slug":"fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth\/","title":{"rendered":"# Fidelity analyst: Bitcoin price up-down debate \u2018mostly noise,\u2019 watch network\u2019s Apple-esque growth"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b0d69e5c0b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b0d69e5c0b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth\/#BTC_price_up-down_debate_%E2%80%9Cmostly_noise%E2%80%9D\" >BTC price up-down debate \u201cmostly noise\u201d\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth\/#Bitcoin_vs_Apple_stock_price_similarities\" >Bitcoin vs. Apple stock price similarities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-networks-apple-esque-growth\/#Long-term_BTC_setups_back_in_focus\" >Long-term BTC setups back in focus<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Fidelity analyst: Bitcoin price up-down debate \u2018mostly noise,\u2019 watch network\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le-esque growth <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) continued its decline further into the week as BTC clung to the $40,000 support level on Feb. 18. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_up-down_debate_%E2%80%9Cmostly_noise%E2%80%9D\"><\/span>BTC price up-down debate \u201cmostly noise\u201d\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While many analysts\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Roman_Trading\/status\/1494423057477287937\">anticipated<\/a>\u00a0BTC\u2019s price to fall toward $30,000 next, mostly based on technicals, Jurrien Timmer of Fidelity Investments lambasted the downside bias, calling it \u201cmostly noise.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin has been in a choppy trading range for almost a year now, bouncing between 30k and 65k. The up-or-down debate continues to be a favorite hobby for many, but it\u2019s mostly noise. For Bitcoin, the network is what matters. Let&#8217;s dig deeper.  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ipWumuRSya\">pic.twitter.com\/ipWumuRSya<\/a><\/p>\n<p>\u2014 Jurrien Timmer (@TimmerFidelity) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TimmerFidelity\/status\/1494432555524837382?ref_src=twsrc%5Etfw\">February 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_vs_Apple_stock_price_similarities\"><\/span>Bitcoin vs. Apple stock price similarities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The\u00a0director of Global Macro published a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets late Thursday, focusing on Bitcoin\u2019s network growth since its inception as a decentralized medium of exchange. In doing so, he compared the cryptocurrency\u2019s network effect with that of Apple, a trillion-dollar tech giant.<\/p>\n<p>\u201cApple\u2019s price has grown 1457x since 1996, while its price-to-sales ratio has grown 30 times,\u201d wrote Timmer, adding: <\/p>\n<blockquote><p>\u201cIf the growth in valuation is an exponent of the growth in sales (per Metcalfe\u2019s Law), then price should increase as an exponent of both metrics.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/485e11c3-429e-46ab-8b8d-a45459caba27.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Apple\u2019s price and valuation since 1996. Source: Fidelity<\/em><\/figcaption><\/figure>\n<p>Applying the same metrics on the Bitcoin network returned impressive growth. <\/p>\n<p>For instance, Fidelity found that Bitcoin\u2019s price had surged\u00a0640,633x since its inception until the end of 2021. While its price-to-network ratio, a supposed equivalent of the price-to-sales ratio, came out to be 52, up almost 867 times in the same period.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/e6bddcf6-c905-4d6b-8983-668a095a0644.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin\u2019s size and valuation. Source: Fidelity<\/em><\/figcaption><\/figure>\n<p>\u201cIf we apply Metcalfe\u2019s Law and calculate the square of 867, we get 751,111,\u201d noted Timmer, highlighting that it is \u201croughly in line with the 640,633x realized price gain.\u201d<\/p>\n<p>The stark similarities in the rise of Bitcoin and Apple networks \u2014 based on their price and price-to-sales\/network ratios \u2014 prompted Timmer to hint at long-term growth in the Bitcoin market. <\/p>\n<p>Additionally, the veteran analyst pitted demand curves of mobile phone subscriptions and internet adoption against Bitcoin to draw similar conclusions, suggesting that BTC\u2019s price\u00a0would rally above $100,000 in the future.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/387f8eca-ff73-4be9-8206-a9db9ab27123.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin vs. mobile phone and internet users&#8217; demand model. Source: Fidelity<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Long-term_BTC_setups_back_in_focus\"><\/span>Long-term BTC setups back in focus<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Like Timmer, other analysts also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IncomeSharks\/status\/1494405253860667396\">projected<\/a> the ongoing decline as corrections that typically appear in a long-term bull market.<\/p>\n<p>For instance, BTCfuel, an independent market analyst, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTCfuel\/status\/1494409798657482755?s=20&amp;t=VOTfFXJxSiFWym7SKyKDgQ\">shared<\/a>\u00a0a bullish outlook, citing a fractal from 2013. <\/p>\n<p><strong><em>Related:\u00a0Crypto &#8216;best place&#8217; to store wealth during Fed rate hike: Pantera CEO<\/em><\/strong><\/p>\n<p>Notably, Bitcoin in 2022 appears to be stuck below the same moving averages as it was in 2013. And since BTC broke above the said resistance areas eight years ago, its probability of repeating the same price action this year appeared higher, as per BTCfuel.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/5b7db71b-ec5c-40e6-8ff9-7ee53383d69f.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin daily price chart 2013 vs. 2022. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>\u201cResumption soon,\u201d the analyst wrote.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fidelity-analyst-bitcoin-price-up-down-debate-mostly-noise-watch-network-s-apple-esque-growth\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Fidelity analyst: Bitcoin price up-down debate \u2018mostly noise,\u2019 watch network\u2019s Apple-esque growth &#8221; Bitcoin (BTC) continued its decline further into the week as BTC clung to the $40,000 support level on Feb. 18. BTC price up-down debate \u201cmostly noise\u201d\u00a0 While many analysts\u00a0anticipated\u00a0BTC\u2019s price to fall toward $30,000 next, mostly based on technicals, Jurrien Timmer&#8230;<\/p>\n","protected":false},"author":1,"featured_media":407264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvODRjNjMzZWItYjU2Zi00NGJkLTg0MzktZWFhMDVlYTVmZjhjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,74982,107431,74939,75150,75164,95851,78261,5029,73711,73785,71407],"class_list":["post-407263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrency-investment","tag-market-analysis","tag-market-update","tag-price-analysis","tag-return-of-investment","tag-tech-analysis","tag-apple","tag-investments","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/407263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=407263"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/407263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/407264"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=407263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=407263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=407263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}