Jurrien Timmer, director of global macro at Fidelity Investments, has weighed in on the Bitcoin price action, arguing that $70,000 is the main level to watch.
\"Perhaps this correction will set up for the next launch, but for now, all eyes are on support at the $70k,\" Timmer said.
According to Timmer, Bitcoin has now returned to \"a more grounded\" valuation level following the recent price drop.
His valuation model is based on the internet S-curve and the power curve of wallet growth.
The cryptocurrency is currently changing hands at $83,016 after adding 0.3% over the past 24 hours.
Earlier, Bloomberg\'s Mike McGlone predicted that the price of the leading cryptocurrency could plunge to the $70,000 level.