Fidelity Macro Chief Jurrien Timmer Says Bitcoin Bull Market Is Back, Targets $300K By 2029

Bitcoin is far above Timmer's important $60,000 support level but still around 33% below its all-time high of $126,198 in 2025.

• Bitcoin began a new cyclical bull market after holding its $60,000 power-law support, with a $300,000 goal for 2029, Jurrien Timmer said.
• Timmer’s Bitcoin-to-gold indicator has turned positive at 6% after bottoming near -100%, following a trend around past cycle lows.
• Institutions are increasingly viewing Bitcoin and gold as part of the same macro play, Bitwise said in a report. 

Bitcoin (BTC) may have found its footing after months of instability. Fidelity Investments’ Global Macro Director Jurrien Timmer declared the cryptocurrency’s bull market back on Friday and set his eyes on $300,000 by 2029.

Timmer wrote on X on Friday, “Bitcoin's power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029". The target is more than 3.5 times the current price of Bitcoin at about $84,000. It would also send BTC far past its all-time high. Bitcoin reached $126,198 in 2025 and is now trading around 33% below that peak.

Bitcoin Holds Above $60K Support As Gold Signal Turns Positive

Timmer’s chart compared Bitcoin to a power-law trend line and a lower support line. The chart showed weekly data from Fidelity, Bloomberg, and Haver Analytics. It described $60,000 as the “line in the sand.” The chart showed the line at $81,218 as of Sept. 20, comfortably above it. During the slump, Bitcoin never broke it.