Bitcoin Power Law Model Points to $300,000 Target by 2029: Fidelity

Fidelity's Global Macro Director Jurrien Timmer has made a significant prediction about the future of Bitcoin, stating that its power law model indicates a new cyclical bull market is unfolding. According to Timmer, if the price holds at $60,000, it could reach approximately $300,000 by 2029 based on this model.

Timmer referred to $60,000 as the 'sand line,' and noted that the historical peak of Bitcoin occurred in 2025 at about $126,200. The current price is still around 30% lower than its previous high, but Timmer sees a positive sign in the 52-week Z-score relative to gold, which has turned positive, indicating past cycle bottoms.

The power law model fits price to time or network adoption as a power function, outlining upper, middle, and lower tracks with a logarithmic linear trajectory. The lower track has closely aligned with major bottoms in 2015, 2018, and 2022, and Timmer believes that holding this track is a confirmation of a new cycle.