Fidelity anticipates Bitcoin to solidify its recent profits.

Bitcoin’s recent 7% price drop is being viewed by Fidelity director Jurrien Timmer as a short-term adjustment rather than a long-term reversal. Despite some analysts predicting a reversal to the $32,000-$38,000 range, Timmer believes that the recent gains will consolidate. He suggests that the current price of Bitcoin is reasonable, depending on its network growth and the economy’s actual interest rates. Furthermore, many asset managers still maintain significant net long positions in the Bitcoin futures market, despite the rally stalling. The recent approval of 11 Bitcoin exchange-traded funds by the SEC did not have the expected positive impact on the price, which fell to $42,800 at the time of writing. However, spot Bitcoin ETFs in the US have seen a trading volume of nearly $10 billion, according to Bloomberg analyst James Seyffart.