Fidelity analyst Jurrien Timmer's $80,000 Bitcoin level has been breached, opening the door to a $100,000 target.
Bitcoin is maintaining a price above $80,000, the threshold Fidelity's Jurrien Timmer sees as confirming a bottom and allowing a move to $100,000.
On Sunday, Bitcoin (BTC) was trading at $84,647, approximately 18% below that goal. Meanwhile, futures speculators keep increasing their record bullish positions.
Timmer, who is director of global macro at Fidelity Investments, is among top asset managers in the US. He detailed the trigger in a post, citing a double bottom chart pattern where the price hits a similar low twice before ascending.
“Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100k,” Timmer wrote.
Timmer's weekly chart identifies this year's troughs at $60,033 in February and $57,742 in late June.
His charts are based on data through September 20. After that, Bitcoin surpassed $80,000, reached approximately $87,500, and then eased.
Timmer also highlighted the power law in Bitcoin, which fits its long-term price to a curve over time. According to that model, he says sustaining $60,000 indicates a new bull market heading toward $300,000 in 2029.
“Bitcoin’s power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029,” the Fidelity executive added.
This is a shift from his earlier stance. In December, Timmer had voiced bear market fears, cautioning a possible decline to between $65,000 and $75,000. Bitcoin later dropped even further.
Tom McClellan, editor of The McClellan Market Report, monitors the Commitments of Traders (COT) report, a weekly publication from the US Commodity Futures Trading Commission (CFTC) that reveals which entities hold futures positions.
According to McClellan, speculators including hedge funds have recently established a record net long position, meaning wagers on rising prices exceed those on declines by a wide margin.
“What is unusual is that with the pop earlier this week, these traders actually were adding more longs instead of harvesting gains. That is a strong statement that they expect more gains to come,” McClellan wrote.
Other signals present a mixed picture. In August, BeInCrypto flagged three cautionary indicators, including weaker ETF flows and spot demand.
BeInCrypto also reported this month that CryptoQuant's bull market line stands at $81,700, which represents Bitcoin's one-year average closing price. The current Bitcoin price is roughly $3,000 above that level.
That creates a slim buffer. A retreat below $80,000 would reverse the breach on which Timmer's $100,000 goal depends.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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