Fidelity Strategist Sees $300K Bitcoin Target for 2029 Amid Rising Yields

Fidelity Strategist Jurrien Timmer is predicting Bitcoin will reach $300,000 by 2029 under his long-term price model. This forecast comes after a prolonged downturn in the cryptocurrency market and follows a warning that 2026 could be a 'year off' for investors.

Timmer's model suggests that a new cyclical bull market has begun in Bitcoin, with the cryptocurrency targeting $300,000 in 2029. This would represent a 400% increase from its current support level of $60,000, which Timmer highlighted earlier this year.

The US 10-year Treasury yield reached 5.24% on September 28, its highest level since 2007. Rising yields have put pressure on risk assets even as investors return to Bitcoin funds, with Fidelity recording net inflows of $2.39 billion last week and $31 million on September 28.

Timmer's shorter-term target is $100,000, which would require a breakthrough above the $80,000 resistance level. However, the market now faces the question of whether the recovery can hold as US bond yields climb to levels last seen in 2007.