Fidelity Warns Bitcoin May Still Be in Bear Market

Fidelity's report suggests that Bitcoin may not have yet reached the end of its bear market. The asset manager notes that Bitcoin has been behaving like it did in previous cycles, and could still hit a bottom in November.

In July and August, Bitcoin's price dropped to around $65,000, but then rallied after the U.S. Treasury Department announced it would more than double its government debt repurchases. Since then, Bitcoin's price has risen to nearly $81,639, up about 30% over a 30-day period.

Chris Kuiper, Vice President of Research at Fidelity Digital Assets, wrote that the bottom could already have occurred in July, but also warned that it 'could drop again to make another new low in November or later.' He emphasized that Bitcoin cycles are not reliably predictable and should not be used for timing the market.