Bitcoin Price Prediction: Wall Street Analysts See 257% Upsurge to $300,000 by 2029
Wall Street analysts are optimistic about the future of Bitcoin, with Fidelity's Jurrien Timmer predicting it could reach $300,000 in 2029. This would represent a 257% increase from the current price of around $84,500. Timmer believes a new bull cycle is underway, citing past performance and the growing appeal of alternative assets.
The crypto winter, which began after Bitcoin's peak last October, may be coming to an end, with Bitcoin holding above the $80,000 mark for two weeks. This could be the start of a major rebound, with Timmer pointing out that crypto winters usually last a year. He also identified a pattern in the 52-week Bitcoin-gold Z-score, which measures how under- or overvalued Bitcoin is relative to gold. This score recently turned positive after falling to -100% in the summer.
Timmer's prediction is based on Bitcoin's store-of-value narrative, which is becoming increasingly important as investors seek diversification tools. He believes Bitcoin can complement gold, rather than replace it, and that the growth of spot Bitcoin ETFs makes it easier than ever to get a small amount of exposure. 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, $300,000 would seem like a feasible price target.