Fidelity Analyst: Bitcoin Bear Market Bottom Formed, New Expansion Expected

ChainCatcher report: According to market sources, Fidelity’s Global Macro Director, Jurrien Timmer, stated on X that Bitcoin’s recent drop to $60,000 has reached a support zone anticipated months ago, suggesting the bear market bottom may have formed and a new expansion phase could be imminent. He noted that the decline to $60,000 was relatively shallow; as Bitcoin matures, volatility is expected to gradually diminish, with a new bull cycle likely to begin after several months of consolidation and potentially reach new all-time highs. Timmer included chart analysis showing a correlation between Bitcoin’s price and global money supply, identifying $60,000 as a key technical support level. Another chart, titled “The Path to Bitcoin’s Maturity,” illustrates its historical waves—from early prices of $2 and $24, through the breakout above $64,000, pointing toward a projected sixth wave target of $290,425. This model integrates curve analysis with macroeconomic variables to outline a long-term framework potentially leading toward $1 million. He emphasized that if cyclical patterns and adoption trends continue, Bitcoin is poised to advance along a structured path to maturity following its consolidation at $60,000.