Fidelity Director Sees $300k Bitcoin Target as Power Law Math Points to New Bull Market

Fidelity's Director of Global Macro, Jurrien Timmer, believes that Bitcoin's power law math is signaling a new cyclical bull market. The framework continues to indicate long-term growth ahead, with a projected target price of $300,000 by 2029.

According to the power law model, which suggests that Bitcoin's price follows a non-linear relationship with time, the cryptocurrency has already held the $60,000 level and is poised for further growth. This analysis echoes the views of crypto strategist Killa, who notes that Bitcoin is in a new bullish regime after printing a higher high on the weekly chart.

Killa emphasizes that the next few days will be crucial in determining Bitcoin's price action in October, citing historical patterns that suggest a pump around the monthly open. If this trend holds, investors can expect a push higher afterwards. However, if the market dumps into October instead, Killa advises caution.