Fidelity's Timmer Calls New Bull Market in Bitcoin, Sees $300k by 2029
Fidelity's director of global macro, Jurrien Timmer, says Bitcoin has entered a new cyclical bull market after holding its $60,000 support level. He reaffirmed his long-term price target of $300,000 by 2029.
The projection is based on a power-law mathematical model and a Bitcoin-to-gold indicator that has turned positive at 6% after bottoming near -100%. The current reading suggests a similar inflection point may be underway.
Timmer's analysis hinges on Bitcoin's ability to hold the $60,000 level, which it never broke below during its recent slump. As of September 20, the support line stood at $81,218, comfortably below the market price.
The technical picture supports this view, with Bitcoin forming a classic double bottom between $57,742 and $60,033. Analysts see a decisive break above $82,500 as the trigger for a technical move toward the psychologically significant $100,000 level.