Fidelity Director Sees Bitcoin Reaching $300,000 by 2029
Fidelity's Jurrien Timmer has revised his Bitcoin price targets upwards. He now predicts that Bitcoin will reach $100,000 in the short term and a staggering $300,000 by 2029.
The director of global macro at Fidelity Investments made this prediction after analyzing Bitcoin's relationship with gold and its own trend using two key tools: a power law trend and a Z-score comparison. The model views a return above zero as a positive signal for Bitcoin.
A double bottom chart pattern, which forms when price drops to a low point and then rebounds, is currently in place. Timmer identifies $60,000 as a critical support level and suggests that breaking above the peak between the two lows could lead to a surge towards approximately $103,000, with the first target at $100,000.
However, Bitcoin must stay above about $80,000 to make this prediction more attainable. Achieving this would make Timmer's $100,000 target much more attainable and provide strong evidence that his $300,000 prediction is gaining momentum.