Bitcoin's Rally May Be Short-Lived, Says Fidelity

A new report from Fidelity suggests that the Bitcoin bear market may not be over yet. According to Vice President of Research at Fidelity Digital Assets, Chris Kuiper, while Bitcoin's recent performance is encouraging, it could still hit a bottom in November.

Bitcoin has been rallying since mid-August after the U.S. Treasury Department announced plans to more than double its government debt repurchases. The asset's price has risen nearly 30% over a 30-day period and recently stood at $81,639.

Kuiper noted that Bitcoin cycles have historically not been precisely four years long, making them unreliable for timing the market. He also highlighted the importance of watching the Clarity Act, which could provide 'greater regulatory certainty and support continued innovation in the U.S. digital asset ecosystem'.