Fidelity Executive Says Bitcoin Has Entered a New Bull Cycle, Forecasts $300,000 by 2029

Jurrien Timmer, director of global macro at U.S. asset management giant Fidelity Investments, said on the 26th that Bitcoin, the cryptocurrency, has begun a new cyclical bull market. A mathematical model based on power-law analysis confirmed that the $60,000 support level held, signaling the start of a bull cycle, and he envisions a trajectory targeting $300,000 by 2029.

Timmer shared his analysis with his roughly 221,000 followers on X (formerly Twitter). The $300,000 level represents approximately 3.6 times the current price, which would require a gain of roughly 257% over the next three-plus years.

Bitcoin reached an all-time high of approximately $126,000 in October 2025 before entering a downtrend. In late June 2026, it briefly fell to around $58,000, but had recovered to approximately $84,000 as of September 27.

Breaking the $80,000 Resistance Is the Key Focus

Timmer points out that the current price action is at a critical juncture. Bitcoin is now approaching the $80,000 level, a significant technical resistance, and market participants are watching closely for signs of a sustained breakout.

According to Timmer, a decisive close above $80,000 would complete a double-bottom pattern on the chart. This is a classic bullish reversal signal indicating the end of the prior downtrend, with a technical upside target of approximately $100,000 in that scenario.