Timmer Sees $300,000 Bitcoin Target Supported by Math
Fidelity Investments' Jurrien Timmer believes that math supports a $300,000 Bitcoin price by 2029. In his latest technical report, Timmer argues that the asset is positioned for long-term growth and cites a model to support this view.
The key factor in Timmer's forecast is the $60,000 support level, which he describes as a critical 'line in the sand.' Bitcoin's local lows came in between $57,742 and $60,033, creating a classic double bottom reversal pattern on the weekly chart. According to Timmer, the market's defense of this zone shows that selling pressure is easing.
Timmer also points to a second signal: the stochastic indicators Fast %D and Slow %D have moved up out of oversold territory on the weekly chart. He interprets this as evidence of large-scale buying supported by long-term mathematical trends.