Fidelity Sees Bitcoin Breaking Through $80,000 Target
Fidelity's Jurrien Timmer believes that Bitcoin has formed a double bottom chart pattern and is on its way to breaking through $80,000. According to him, this break would confirm a new bull market targeting $100,000.
Timmer, director of global macro at Fidelity Investments, points out that if Bitcoin holds above $60,000, it could reach $300,000 by 2029 based on its power law math. He has been tracking Bitcoin's price action and notes that the current break above $80,000 is a significant development.
In contrast, Tom McClellan, editor of The McClellan Market Report, suggests that speculators are adding to their long positions in Bitcoin futures, indicating a strong expectation for further gains. However, other signals are mixed, with weaker exchange-traded fund (ETF) flows and spot demand.