Timmer Sees Bitcoin Double-Bottom Setup Targeting $100K

Fidelity's director of global macro, Jurrien Timmer, believes that Bitcoin (BTC) is setting up for a double-bottom pattern that could lead to a price target of $100,000. According to Timmer, Bitcoin is currently testing resistance near $80,000 and needs to break above this level to confirm the pattern.

The double-bottom pattern is calculated using the $57,742 low and the $80,554 breakout level, which puts the measured target at approximately $103,400. However, another calculation based on Bitcoin's May high of $82,807 produces a target of around $107,900.

Timmer also uses power-law analysis to suggest that a new cyclical bull market is underway and could potentially reach $300,000 in 2029. This view is separate from the double-bottom pattern and is based on Bitcoin's historical price action.