Fidelity Predicts Bitcoin Surge to $300,000 by 2029

Fidelity's director of global macro, Jurrien Timmer, has identified Bitcoin as entering a new cyclical bull market after holding the $60,000 level. According to Timmer, the area around $60,000 is a key support level in the current cycle.

Timmer used Bitcoin's Power Law model to make this prediction, which suggests that Bitcoin repeatedly falls towards its long-term trend line during major bear markets before entering a new upswing.

Based on this model, Timmer believes that if the long-term trend continues, Bitcoin could rise to around $300,000 by 2029.