- Fidelity’s Jurrien Timmer identifies Bitcoin’s $60,000 level as critical support and says power-law patterns suggest a new four-year bull market.
- Timmer projects Bitcoin could reach $300,000 by 2029, more than 3.5 times its reported price of approximately $84,000.
- Bitwise reports growing institutional interest in Bitcoin and gold as potential hedges against currency debasement, though some investors view Bitcoin primarily as technology.
Bitcoin may be entering a new four-year bull market, according to Fidelity Investments Global Macro Director Jurrien Timmer. On Friday, Timmer said Bitcoin’s power-law patterns pointed to a new cycle after the cryptocurrency held $60,000. He set a $300,000 target for 2029, despite Bitcoin trading near $84,000.
Timmer Sets $300,000 Bitcoin Target for 2029
Timmer shared his assessment on X, writing that Bitcoin’s power-law model suggested a new cyclical bull market was underway. He identified $60,000 as the level Bitcoin needed to hold before the potential cycle began.
His target would place Bitcoin more than 3.5 times above its current price of roughly $84,000. It would also exceed the cryptocurrency’s previous all-time high of $126,198, reached in 2025. Notably, Timmer’s latest view differs from his comments in August.
At that time, he said Bitcoin had held the floor of its power-law curve. He also argued that the correction had lasted long enough to meet the requirements of a mild four-year market downturn. However, his August comments did not identify a new bull market or provide a price target.
Bitcoin Chart Tracks $60,000 Support and Gold
Timmer’s chart compares Bitcoin’s price with a power-law trend line and a lower support line. It uses weekly data from Fidelity, Bloomberg and Haver Analytics.
The chart labels $60,000 as the “line in the sand.” It also showed the level at $81,218 on September 20, above the designated threshold. During the recent decline, Bitcoin did not break below that level.
Additionally, the chart tracks Bitcoin’s performance relative to gold. That indicator has recovered to positive 6% after reaching approximately negative 100%.
Previous cycle bottoms reached negative 120%, negative 118% and negative 102%, according to the chart. Each trough preceded another cycle.
Bitwise Reports Institutional Interest in Bitcoin and Gold
Meanwhile, Bitwise said in a Wednesday report that some institutions increasingly view Bitcoin and gold through the same macroeconomic investment strategy. The report noted that concerns about fiat currency debasement have contributed to interest in both assets.
Some institutions consider Bitcoin and gold interchangeable within that investment theory. Additionally, certain endowments have built positions in both assets. However, Bitwise said the view remains divided.
Some institutions reject the “digital gold” narrative and instead regard cryptocurrency as a disruptive technology. The discussion comes as other on-chain indicators reach levels last seen near the previous bear market bottom.
