Bitcoin (BTC) has held above the $80,000 mark for two consecutive weeks, signaling to many analysts that the market may have found its floor.
Jurrien Timmer, Director of Global Macro at Fidelity, has set a bold price target of $300,000 for Bitcoin by 2029, representing roughly 257% upside from its current price of around $84,500.
Timmer believes a new bull cycle is already underway, basing his outlook on historical performance patterns and the growing investor appetite for alternative assets.
He has long described himself as a “secular bull” on Bitcoin, expressing sustained optimism about the leading cryptocurrency’s long-term growth potential.
A key pillar of his thesis is that Bitcoin, alongside gold, silver, and real estate, functions as a form of hard money capable of hedging against currency debasement and fiscal uncertainty.
Timmer also notes that crypto winters typically last around one year, and the current slump began following Bitcoin’s peak last October, suggesting the timeline for recovery may be aligning.
He identified a notable pattern in the 52-week Bitcoin-gold Z-score, a metric that measures how under- or overvalued Bitcoin is relative to gold at any given time.
That Z-score recently turned positive after falling to -100% during the summer, a development that has occurred three times since 2014, each time preceding a significant new growth cycle.
Market behavior has also shifted in a way that technical analysts tend to view as constructive, with Bitcoin holding firm despite considerable headwinds in recent weeks.
Those headwinds include Washington’s stalled Clarity Act and a Federal Reserve rate hike, pressures that in previous downturns would have pushed prices sharply lower.
During the deepest part of the recent price slump, no amount of positive news appeared capable of lifting Bitcoin, while negative headlines sent prices spiraling further downward.
That dynamic now appears to have reversed, with the cryptocurrency demonstrating resilience that analysts like Timmer interpret as a classic signal of a market bottoming out and preparing to climb.
