Fidelity Sees Bitcoin Breakthrough to $100,000

Fidelity's director of global macro, Jurrien Timmer, sees Bitcoin clearing $80,000 as a signal to reach $100,000. According to his power law model, holding $60,000 would target $300,000 by 2029.

Timmer tied the $80,000 level to a double bottom chart pattern, where price hits a similar floor twice before climbing. He pointed out that Bitcoin's long-run price follows a curve over time and that it's currently challenging key resistance at $80k.

Bitcoin has traded above $80,000 since crossing the level, with prices touching about $87,500 before easing. Speculators have been adding to record bullish bets, as reported by Tom McClellan, editor of The McClellan Market Report. McClellan notes that this is a strong statement from traders expecting more gains to come.