Jurrien Timmer, Global Macro Director at financial giant Fidelity, made important observations regarding Bitcoin's current market structure.
Fidelity Analyst: Bitcoin May Have Entered a New Cycle, Year-End Outlook Remains Uncertain
Timmer stated that sentiment in the crypto market has significantly improved in recent months due to a decrease in excessive speculation, and that the Federal Reserve's more relaxed monetary stance, along with calm in bond and currency markets, has created a supportive environment for Bitcoin. In this context, the analyst noted that the likelihood of Bitcoin closing 2025 with a “not bad” performance has strengthened.
However, Timmer pointed out another dynamic Bitcoin has recently faced: the “yield-offering” model, where companies acting as Bitcoin treasuries purchase BTC through equity issuance, could now become a limiting factor in price growth. This has also reignited debates about whether a new four-year cycle has come to an end.
According to Timmer's analysis, Bitcoin's “maturing network growth curve” since 2010 indicates that the asset has experienced five major bullish waves.
Timmer emphasized that each wave brought a smaller increase compared to the previous cycle, but lasted much longer, stating that this structure proves Bitcoin is becoming an increasingly stable asset.
Timmer estimates that the peak of the current fifth wave could be around $151,360. According to the analyst, while year-end performance remains uncertain, Bitcoin continues its long-term structural strengthening.
*This is not investment advice.