Bitcoin, the largest cryptocurrency by market cap, plunged to an intraday low of $35,143 at 6:57 p.m. on the Bitstamp exchange.
The crypto king has now erased all of the gains it made throughout the week.
While Bitcoin’s one-day chart may look grim, Jurrien Timmer, director of global macro at Fidelity, stands by his bullish “double-bottom” thesis.
In his tweet, Timmer points to the fact that Bitcoin-sensitive stocks are currently trending higher, which might be a sign of what lies in store for Bitcoin:
Related markets often give important signals at tops and bottoms.
Still, the Fidelity executive notes that Bitcoin needs to hold above $41,000 to avoid a fifth wave, which would result in a collapse to $23,076.