Fidelity Sees $100k Bitcoin as Double Bottom Confirmed

Fidelity's Jurrien Timmer says $100,000 Bitcoin is within reach after the price broke through $80,000. According to TradingView data, BTC traded at $84,647 on Sunday, which is about 18% short of the target.

Timmer uses a double bottom chart pattern to justify his prediction. This pattern shows that when prices hit similar lows twice and then climb, it can be a strong signal for future growth.

The Fidelity executive points out that Bitcoin has already shown significant gains since its low of $60,033 in February and $57,742 in late June. Timmer also mentions the power law model, which suggests that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029.

Futures speculators are also adding to record bullish bets, with net long positions reaching a new high according to Tom McClellan. This is unusual, as traders usually harvest gains rather than add more longs when prices pop up.