On the 26th, Jurrien Timmer, the global macro director at Fidelity Investments, indicated that Bitcoin is entering a new cyclical bull market. His analysis, which utilizes a mathematical model grounded in power-law theory, demonstrates that the support level of $60,000 has been maintained, marking the beginning of a bull cycle. He predicts that Bitcoin could reach a price of $300,000 by 2029.
Timmer shared these insights with his audience of approximately 221,000 followers on X (formerly known as Twitter). The target of $300,000 suggests an increase of around 3.6 times the current price, translating to a potential rise of about 257% over the next three years.
Bitcoin hit an all-time high of nearly $126,000 in October 2025, before experiencing a downward trend. It briefly dipped to approximately $58,000 in late June 2026 but rebounded to around $84,000 as of September 27.
Breaking Through the $80,000 Resistance
Timmer emphasizes that the market is at a pivotal point. Bitcoin is nearing the $80,000 mark, which is a crucial technical resistance level, and traders are closely monitoring for indications of a breakout.
He notes that a strong close above $80,000 would confirm a double-bottom pattern on the charts. This pattern is a classical bullish reversal signal that suggests the previous downtrend has reversed, with an upside target of approximately $100,000 in this scenario.
“Bitcoin is testing the significant $80,000 resistance level, making it a particularly intriguing situation. A successful breakout above this level would validate a double bottom, paving the way towards $100,000,” stated Timmer.
A Shift from July’s Caution
Timmer’s recent comments represent a marked departure from his earlier cautious outlook in July. At that point, as Bitcoin remained in a downtrend, he refrained from declaring the onset of a bull market.
His power-law analysis is predicated on the principle that Bitcoin’s long-term price movement adheres to a curve with a steady slope on a logarithmic scale. Timmer has frequently relied on this approach to delineate bullish and bearish cycles.
As the fourth quarter approaches, there is a growing sense of bullish sentiment across both short and long-term outlooks. In the last 24 hours, Bitcoin climbed by 3.32% and continues to maintain its position above the $80,000 threshold.