Bitcoin – BTC to $300K? Fidelity says THIS level comes first

Bitcoin has rallied 45% to $87K from July’s low of $57.8K. Despite briefly slipping back to $84K this week, Fidelity believes there was a higher chance of hitting $100K. 

Notably, the asset manager accurately called the $60K bottom and the end of Bitcoin winter. Now, Fidelity’s Head of Global Macro Jurrien Timmer is back with an even bolder projection: BTC can hit as high as $300K this cycle. But first, this overhead obstacle must be cleared. 

Bitcoin’s path to $100K-$300K

According to Timmer, BTC was close to forming a double bottom pattern (the W-formation) on the weekly charts. Timmer said that if the pattern is completed (by BTC closing above $82K), the path to $100K would be clear. 

Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100k.

The double bottom patterns are bullish reversal formations, and their breakout rallies tend to coincide with the depth of the W-trough. In this case, it would translate to 24% upside potential above $82K, translating to the $102K price target. 

So, Fidelity’s mid-term $100K outlook was spot on, purely based on price technical analysis. 

Interestingly, the $82K was a crucial on-chain level. It doubled as the average cost basis of U.S. Spot BTC ETFs.