Fidelity Investments’ director of global macro, Jurrien Timmer, has projected that Bitcoin could reach $100,000 during its current recovery phase, with a long-term trajectory potentially pushing the price to $300,000 by 2029. The outlook draws on Timmer’s valuation model, which suggests that a new bull cycle for the cryptocurrency may have already started.
Fidelity Analyst Sees Bitcoin Reaching $300,000 by 2029
Timmer outlined the updated targets in late September, revising his earlier prediction that indicated a quieter period for Bitcoin in 2026. His revised forecast follows recent market developments and renewed momentum for the world’s leading digital asset. Fidelity Investments is one of the largest asset management firms globally, offering mutual funds, ETFs, and retirement services to millions of investors.
Timmer’s analysis utilizes a long-term power-law valuation model paired with Bitcoin’s historical performance relative to gold, aiming to pinpoint valuation cycles—specifically, when Bitcoin is undervalued or overvalued compared to its historical trends.
He highlighted the importance of Bitcoin holding support around $60,000 earlier this year, indicating that the prolonged corrective phase could be over. This level provided an anchor for interpreting broader cyclical shifts in the asset’s price pattern.
According to the model, Bitcoin’s potential pathway could culminate in a $300,000 valuation by 2029, assuming historical growth rates persist. Timmer emphasized that these projections are conditional and depend on market factors rather than reflecting certainty.
Bitcoin’s ability to maintain major support levels and respond to growing institutional interest continues to underpin its long-term potential, though the ambitious targets are not guaranteed and require favorable market conditions.
Bitcoin Must Reclaim $86,000 to Strengthen Bullish Outlook
Timmer identified $86,000 as a key resistance level that, if reclaimed, could solidify Bitcoin’s path toward $100,000. The cryptocurrency recently rebounded above $82,000 after a brief dip below $80,000, underscoring ongoing volatility in the market.
The recovery follows several sessions marked by selling pressure, as investors monitor whether the $80,000 region can continue to attract buyers. Sustained movement above $86,000 would signal more robust bullish momentum and increase the likelihood of reaching intermediate price targets.
Failure to maintain support above $80,000 would weaken the near-term setup, though it may not immediately overturn Timmer’s longer-term bullish forecast. The $60,000 support level remains pivotal in his broader cycle analysis.
| Price Level | Significance |
|---|---|
| $60,000 | Major cycle support |
| $80,000 | Recent swing support |
| $86,000 | Key resistance for bullish continuation |
| $100,000 | Intermediate target |
| $300,000 | Long-term projection (by 2029) |
ETF Demand and Fed Policy Could Determine Bitcoin’s Next Move
Beyond technical price levels, institutional flows and macroeconomic conditions are shaping Bitcoin’s short- and medium-term direction. US spot Bitcoin ETFs recorded net withdrawals of $261.4 million on October 14, followed by a modest $5.1 million inflow on the next day.
This swing in ETF activity points to lessened selling pressure in recent sessions but suggests that strong new institutional buying is still limited. Bitcoin ETFs provide investors with exposure to Bitcoin price movements via regulated funds.
Mini dictionary: Spot Bitcoin ETF, an exchange-traded fund that holds actual Bitcoin and allows investors to gain exposure to its performance without directly owning the cryptocurrency.
Recent US inflation data has fueled concerns about further Federal Reserve interest rate hikes, as elevated Treasury yields continue to compete with speculative assets. The central bank’s stance remains a significant factor influencing Bitcoin’s price swings.
Timmer’s analysis concludes with two main scenarios: a potential intermediate-term rally toward $100,000 if technical and institutional trends improve, and a more ambitious multiyear advance to $300,000 by 2029 if current growth dynamics hold. However, sustained demand and positive macro conditions remain prerequisites for either outcome.
For Bitcoin to move meaningfully higher, reclaiming and holding the $86,000 resistance level will be crucial in demonstrating renewed market strength and institutional appetite.
