Fidelity's Timmer Sees New Bitcoin Bull Market as BTC Surges Above $87,000
Jurrien Timmer, Director of global macro at Fidelity Investments, believes that Bitcoin's new four-year bull market may be underway. He made this comment after noting that Bitcoin has pushed above $87,000 on Monday and has broken out after holding the $60,000 support zone for nearly a year.
A typical Bitcoin winter lasts around one year, Timmer pointed out. The fact that BTC has held this level for so long suggests that a new cycle bull market is starting. He also shared a chart of Bitcoin's Power law, which shows the asset's long-term value over time.
The pink bars on the chart represent the 52-week Z-score of the BTC/gold price ratio. This measures how many standard deviations the current ratio deviates from its historical mean. After remaining negative for an extended period, the Z-score has turned positive, a signal that Timmer noted has historically marked market bottoms.
Since Timmer's comment, Bitcoin has spiked 5.70%. The cryptocurrency's bullish commentary on social media also surged to its highest level since 2024, according to on-chain analytics firm Santiment. However, the firm warned that the cryptocurrency market typically moves against the crowd's expectations.