Timmer's $100,000 Bitcoin Target Hinges on Breakthrough at $86,000

Fidelity's director of global macro, Jurrien Timmer, is predicting a new bull market for Bitcoin, with a long-term price target of $300,000 by 2029. Timmer's analysis is based on two key tools: a power law trend that charts Bitcoin's price movements since 2010, and a comparison of how much gold one Bitcoin can buy against its 52-week average.

Timmer's model views a return above zero in the gold comparison as a positive signal. Currently, the Z-score sits at about 6% after previously falling to nearly -100%. Historically, the three prior cycle lows in this measure reached around -120%, -118%, and -102%.

A double bottom is a chart pattern that forms when price drops to a low point, rebounds, falls back to a similar low, and then rises. Bitcoin reached lows of about $57,742 in late June and around $60,033 later. Timmer identifies $60,000 as a critical support level.

For Timmer's $100,000 target to become a reality, Bitcoin must stay above about $80,000, about 5% below its current level, and break through the resistance at $86,000.