Bitcoin Could Reach $300,000 in 2029, Fidelity Analyst Predicts

Fidelity's Director of Global Macro, Jurrien Timmer, is predicting that Bitcoin could reach $300,000 in 2029, a 257% increase from its current price of around $84,500. Timmer believes a new bull cycle is underway, citing past performance and the growing appeal of alternative assets. He views Bitcoin as a form of hard money that can hedge against currency debasement and fiscal uncertainty, much like gold, silver, and real estate.

The current crypto winter, which began after Bitcoin's peak last October, may be coming to an end. Timmer points out that crypto winters typically last a year, and the recent upward swing in Bitcoin's price could be the start of a major rebound. A pattern in the 52-week Bitcoin-gold Z-score, which measures how under- or overvalued Bitcoin is relative to gold, has turned positive after falling to -100% in the summer.

Timmer's prediction is based on the idea that more investors will allocate a larger portion of their portfolios to alternative assets, with a small percentage going to Bitcoin. With a market cap of $1.7 trillion, Bitcoin currently accounts for about 0.3% of global wealth. If that percentage were to triple or more, a $300,000 price target would seem feasible.