Bitcoin Soars as Analysts Predict $300,000 Price Target by 2029

Wall Street analysts, led by Jurrien Timmer, Director of Global Macro at Fidelity, are optimistic about Bitcoin's long-term growth potential, predicting it could reach $300,000 by 2029, a 257% upside from its current price of around $84,500.

Timmer sees Bitcoin as a form of hard money that could hedge against currency debasement and fiscal uncertainty, alongside gold, silver, and real estate.

The current slump in Bitcoin's price, which began after its peak last October, may be coming to an end, with the recent upward swing potentially marking the start of a major rebound.

The pattern of the 52-week Bitcoin-gold Z-score, which measures the relative value of Bitcoin to gold, has recently turned positive, a sign that precedes new growth cycles.