Fidelity Sees Path to $300K for Bitcoin, But First Must Clear Key Level

Fidelity's Head of Global Macro Jurrien Timmer has made a bold projection for Bitcoin (BTC), stating that it could reach as high as $300K this cycle. However, he believes that BTC must first clear an overhead obstacle at $82K to achieve this target.

Timmer pointed out that the asset manager accurately called the $60K bottom and the end of Bitcoin winter. He also noted that BTC was close to forming a double bottom pattern on the weekly charts, which would confirm the path to $100K if it breaks above $82K.

The double bottom pattern is a bullish reversal formation that tends to coincide with the depth of the W-trough. In this case, it would translate to 24% upside potential above $82K, making $102K the next price target. Interestingly, $82K was also a crucial on-chain level, doubling as the average cost basis of U.S. Spot BTC ETFs.

Bitfinex analysts expected the level to be defended, noting that it capped the May rally before price fell to $58.5k. If the average BTC ETF cost basis becomes support, it could confirm the double bottom pattern and pave the way for further gains.