Fidelity director backs $300,000 bitcoin target by 2029

What happened

Jurrien Timmer, director of global macro at Fidelity Investments, published a technical report that projects bitcoin (BTC) at $300,000 by 2029. [n1, n2] Timmer says bitcoin completed a local bearish trend and held $60,000 support, which he says confirms the strength of the Power Law model. [n2, n3] The report calls the $60,000 mark a critical "line in the sand." [n21] Bitcoin's all-time high was $126,251 in 2025, and it lost more than half its value during the correction. [n4] The report says the market defended the $60,000 level, which signals that selling pressure is fading. [n26]

Local lows in the $57,742, $60,033 range formed a classic double bottom, according to the report. [n5] Institutional investors are focused on the asset's major reversal pattern on the weekly chart. [n27] Bitcoin trades close to the pattern's neckline at $82,266. [n7] The short-term trigger is a test of resistance in the $82,000, $86,000 range. [n6] Analysts estimate a decisive move above $82,500 would push toward the psychological $100,000 mark. [n8] Weekly stochastic indicators have already moved out of oversold territory, the report says. [n22]

Why it matters

Timmer's forecast is based on the Power Law model, which evaluates bitcoin using logarithmic linear progression and a 52-week Z-score of its ratio to gold. [n9] He says previous deep drawdowns of 56% and 63% fit within the framework. [n10] The report says the model shows price fluctuations are not random noise but regular cycles. [n25]

What the data shows

As of late September 2026, bitcoin is trading near $84,000. [n17] One report lists a press-time price of $84,057. [n20] Bitcoin was up 3.32% over the last 24 hours. [n19] Reaching $300,000 by 2029 would require the asset to multiply roughly 3.6 times from current prices, equivalent to an increase of about 257% over just over three years. [n18]

A decisive move and close above the $80,000 resistance would validate a double-bottom pattern, a classic bullish reversal formation that often signals the end of a prior downtrend. [n15, n24] Should that confirmation occur, technical projections point to an upside target in the region of $100,000. [n16] Timmer's $300,000 target by 2029 is based on the same mathematical model. [n12]

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