Fidelity Says Bitcoin Entered New Bull Market, Sees $300,000 by 2029

Forecast Trend Report by Period

Fidelity said Bitcoin has entered a new cyclical bull market after holding the $60,000 level, and projected a long-term rise to $300,000.

On September 26, Jurrien Timmer, Fidelity's director of global macro, presented Bitcoin's "Power Law" model, saying it continues to mathematically indicate that a new cyclical bull market is underway after Bitcoin held the $60,000 line.

The data showed that Bitcoin has repeatedly fallen toward its long-term trend line during major bear markets before entering a new upswing. Timmer identified the area around $60,000 as a key support level in the current cycle.

He said Bitcoin could climb to about $300,000 by 2029 if the long-term trend continues.