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.
The chart also follows the price of Bitcoin relative to gold. That indicator has turned positive at 6%, after bottoming at roughly -100%. Previous cycle bottoms were troughs of -120%, -118%, and -102%. Each new one was followed by another.
Timmer's post differs sharply from what he thought a month ago. He wrote in August that Bitcoin had held its power-law curve's floor. He also said that the fix had gone on long enough to meet the requirements for a mild winter every four years. At that time, he didn't say there would be a new bull market or a price.
Institutions Increasingly Pair Bitcoin With Gold As A Macro Trade
Institutions have increasingly looked at Bitcoin and gold as part of the same macro trade, particularly among those concerned about fiat debasement, Bitwise said in a report on Wednesday. Some institutions have begun to consider the two as interchangeable instances of the same investing theory, while some endowments have built up stakes in Bitcoin and gold side-by-side.
However, Bitwise acknowledged this is not a universal view, with some institutions rejecting the “digital gold” narrative and viewing crypto as a purely disruptive technology. The call comes as other on-chain signs flash at levels that haven't been seen since the bottom of the bear market.
Bitcoin’s price was trading at $83,915, almost flat in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the 'bullish' zone, accompanied by 'normal' chatter levels over the past day.
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