Crypto
Bitcoin Bull Market Predicted, Targeting $300K By 2029: Jurrien Timmer
Fidelity Investments' Global Macro Director Jurrien Timmer has declared that Bitcoin's bull market is back, citing a new cyclical bull trend. According to him, this trend targets $300,000 by 2029.
Timmer used a power-law math model to analyze the price of Bitcoin and found that it had held its support at $60,000, which he considers a key level. The current price of BTC is around $84,000, still far from the target.
Bitcoin's relative strength to gold has also turned positive, reaching 6% after bottoming out near -100%. This is a significant shift from previous cycle lows, where this indicator was at -120%, -118%, and -102% before turning positive.