Jurrien Timmer, Global Macro Director at Fidelity Investments, stated that Bitcoin is approaching a critical technical level, and that a new upward move could be confirmed if the $80,000 level remains above this critical level.
According to Timmer, Bitcoin is currently testing the important support level at $80,000. He stated that a sustained upward breakout from this level could confirm the double bottom formation on the chart, and that this technical structure points to a target of approximately $100,000.
The experienced analyst also pointed to Bitcoin’s mathematical price pattern known as the “power law” in the longer-term view. Timmer stated that if Bitcoin holds the $60,000 level, the pattern may indicate the start of a new cyclical bull market.
According to Timmer’s assessment, this model projects a price target of approximately $300,000 for Bitcoin in 2029.
Touching upon portfolio diversification, Timmer stated that Bitcoin and the Bloomberg Commodity Spot Index continue to be strong diversification tools for investors.
*This is not investment advice.
