Fidelity Analyst Sees $80k as Key Level for Bitcoin's $100k Target

Fidelity's Jurrien Timmer has set a key level for Bitcoin to hold at $80,000. If it breaks this level, he believes that it will confirm a double bottom chart pattern and open a path to a price target of $100,000.

Timmer is the director of global macro at Fidelity Investments, one of the largest US asset managers. In a recent post, he cited Bitcoin's power law, which fits its long-run price to a curve over time.

According to Timmer, holding $60,000 signals a new bull market aimed at $300,000 in 2029. He used data through September 20, and since then, Bitcoin has crossed the $80,000 level and touched about $87,500 before easing.