Fidelity Sees New Bull Cycle for Bitcoin with $300,000 Target

Fidelity Executive Jurrien Timmer believes Bitcoin has entered a new bull cycle. According to his power-law analysis, the cryptocurrency's long-term price trajectory follows a consistent slope on a logarithmic scale. This analysis indicates that the $60,000 support level held, signaling the start of a bull market.

Timmer forecasts a target of $300,000 by 2029, representing approximately 3.6 times the current price and requiring a gain of roughly 257% over the next three-plus years. He notes that Bitcoin has been challenging the key $80,000 resistance level, which is crucial for confirming a double-bottom pattern on the chart.

A breakout above $80,000 would complete this pattern, indicating the end of the prior downtrend and a technical upside target of approximately $100,000. Timmer's latest remarks mark a shift from his cautious stance in July when Bitcoin was still in a downtrend.