Bitcoin Sees New Growth Cycle, $300,000 Price Target by 2029

Bitcoin's price has remained above $80,000 for two weeks, and many Wall Street analysts believe the cryptocurrency may be starting a new growth cycle. According to Jurrien Timmer, Director of Global Macro at Fidelity, Bitcoin could reach $300,000 in 2029, a 257% increase from its current price of around $84,500. Timmer sees Bitcoin as a form of hard money that can hedge against currency debasement and fiscal uncertainty, similar to gold, silver, and real estate.

Timmer notes that crypto winters typically last a year, and the current slump may be ending. He also points out a pattern in the 52-week Bitcoin-gold Z-score, which measures the value of Bitcoin relative to gold. The score recently turned positive after falling to -100% in the summer, a trend that has preceded new growth cycles in the past.

Bitcoin's road to $300,000 relies heavily on its store-of-value narrative. As investors reevaluate the classic 60/40 portfolio, alternative assets like Bitcoin are becoming more attractive as a diversification tool. With a market cap of $1.7 trillion, Bitcoin currently accounts for about 0.3% of global wealth, which could triple or more if more investors allocate to it.