Fidelity Analyst Sees Bitcoin Reaching $300,000 by 2029

Fidelity Analyst Sees Bitcoin Reaching $300,000 by 2029

A senior analyst at Fidelity believes Bitcoin could reach $300,000 by 2029. Jurrien Timmer, the firm’s director of global macro, shared the forecast along with his long-term price chart.

Timmer’s model is based on what is called a power-law relationship between Bitcoin’s price and time. The model fits a trend line through Bitcoin’s past price history and projects it forward. According to Timmer, the math suggests “a new cyclical bull market is underway after holding $60k, targeting $300k in 2029.”

The $60,000 level is central to his view. He sees Bitcoin’s recovery and hold above that price as proof that a new bullish cycle has begun.

Bitcoin was trading near $85,000 when Timmer posted his forecast. From that price, a move to $300,000 would mean a gain of about 253 percent, or roughly 3.5 times the current price.

It is important to note that this is Timmer’s personal, model-based outlook. The post does not establish an official price target for Fidelity as a firm, and it does not assign a probability to the target being reached.

Bitcoin has had a strong year. It climbed from around $57,800 in early July to over $84,000 by late September, a gain of more than 40 percent in the third quarter.

Timmer’s chart uses a logarithmic price scale, which makes it possible to compare growth across very different price levels. The black line shows actual weekly prices, the turquoise curve is the fitted long-term trend, and the orange curve marks a lower support boundary. The chart data runs to September 20, when Bitcoin was labeled at $81,218.

Sources:
– https://coindoo.com/bitcoin-price-target-fidelity-analyst/