Fidelity's global macro director, Jurrien Timmer, projects Bitcoin will reach $300,000 by 2029, backing the target with the Power Law model. He points to Bitcoin holding critical support at $60,000 as confirmation that the model's long-term trajectory remains intact.
Jurrien Timmer, director of global macro at Fidelity Investments, argues Bitcoin has finished its local bearish trend and is positioned for long-term growth toward $300,000 by 2029. His latest technical report ties the target to the Power Law model, which he says is confirmed by Bitcoin holding critical support at $60,000.
A double bottom near $60,000
Institutional investors are watching a reversal pattern on the weekly chart. Bitcoin reached an all-time high of $126,251 in 2025 before losing more than half its value in the correction that followed. Local lows in the $57,742–$60,033 range then formed a classic double bottom.
Timmer calls the $60,000 mark a critical "line in the sand". The fact that the market defended this level signals fading selling pressure. Weekly stochastic indicators, Fast %D and Slow %D, have already moved out of oversold territory, pointing to a resumption of buying tied to the model's long-term trends.
Resistance at $82,000–$86,000 is the next trigger
The short-term trigger now is a test of resistance in the $82,000–$86,000 range, with Bitcoin trading close to the pattern's neckline at $82,266. Analysts estimate a decisive move above $82,500 would trigger a technical push toward the psychological $100,000 mark. For Wall Street, that breakout would mark the end of the accumulation phase.
The math behind the $300,000 target
Timmer's forecast rests on the Power Law model, which evaluates Bitcoin through logarithmic linear progression and a 52-week Z-score of its ratio to gold. The model treats current price swings as regular cycles rather than random noise, and even previous drawdowns of 56% and 63% fit within its trajectory.
Fidelity nonetheless reminds investors that Bitcoin remains highly volatile and that past performance does not guarantee future returns. Timmer's model still holds that Bitcoin's trend follows strict mathematical principles rather than retail panic.
Source: U.Today
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