Fidelity’s Jurrien Timmer Says Bitcoin Price Could Reach $300,000 by 2029

Highlights:

• Jurrien Timmer says Bitcoin may be entering a fresh bull market, with $300,000 possible by 2029.
• Bitcoin has moved above $80,000, putting Timmer’s $100,000 short-term target back in focus for traders.
• Bitcoin price also reclaimed the $77,000 True Market Mean, another sign that market strength is improving.

Fidelity Investments Director of Global Macro Jurrien Timmer says Bitcoin may have entered a new cyclical bull market after holding the $60,000 area and recovering above a key technical level. In two September 26 posts on X, Timmer said Bitcoin’s power-law model now points toward $300,000 by 2029. He also identified $80,000 as important resistance, saying a break above it would confirm a double-bottom pattern with a possible target near $100,000.

Bitcoin’s power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029. pic.twitter.com/JTUHFcsskX

— Jurrien Timmer (@TimmerFidelity) September 26, 2026

At the time of writing, Bitcoin was trading near $84,084, up about 0.5% over the past 24 hours. BTC remains around 33.3% below its October 6, 2025 all-time high of $126,198.

Bitcoin Price Moves Above Timmer’s $80K Resistance

Timmer said Bitcoin was “looking particularly interesting” as it challenged resistance near $80,000. According to his technical view, a successful break would confirm a double bottom targeting $100,000.

A double bottom is a chart pattern that forms when price falls to a similar low twice and then breaks above resistance between those lows. Traders often watch that breakout area to judge whether a recovery has enough strength to continue.

Bitcoin price has now moved above the $80,000 level on spot markets. However, the next move may depend on whether buyers can defend nearby support. Crypto analyst Ted Pillows said strong bids are sitting around $82,500 to $83,500. He warned that a move below $82,500 could quickly bring $80,000 back into focus.

$BTC has strong bids below the $82,500-$83,500 level.

If sellers manage to push below $82,500, BTC could quickly drop to $80,000. pic.twitter.com/MfKlKFuvdC

— Ted (@TedPillows) September 26, 2026

Power-Law Model Points to a Longer Bitcoin Cycle

Timmer’s broader argument comes from Bitcoin’s power-law model, which he has used to study the asset’s long-term price structure. Fidelity previously described the model as a mathematical framework that compares Bitcoin’s price growth with time on an exponential scale.

“Bitcoin’s power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029,” Timmer wrote.

Earlier this year, Timmer said the $60,000 to $65,000 area was an important line for the model. He also cautioned that no mathematical trend is permanent and that a sustained breakdown below that zone could challenge the long-term structure. Bitcoin price recovery from that area has strengthened his current bullish interpretation.

At roughly $84,000, a move to $300,000 would represent more than a threefold increase. However, the figure remains a model-based target, not a guaranteed price outcome.

Bitcoin Price Reclaims the $77K True Market Mean

Bitcoin has also moved back above the True Market Mean (TMM), adding another bullish signal. Bitview estimates the TMM at around $77,000, and Bitcoin has now broken above this level on the weekly chart for the first time this year. The True Market Mean tracks the average cost basis of Bitcoin that remains economically active. It excludes dormant or “vaulted” BTC, helping show the average price level of coins that are actually circulating in the market.

Bitview said Bitcoin price move above $77,000 supports the view that the market is shifting back toward a bullish trend. The weekly breakout also carries more weight than a short-term move because it reflects broader market strength.

Bitcoin is now being supported by a key level : the True Market Mean.

This is a metric that calculates the cost basis of economically active bitcoin:native . In other words, all BTC considered "vaulted" (dormant) are excluded from weighting the overall realized price.

This way,… pic.twitter.com/MRndeXFtCY

— bitview (@_bitview_) September 26, 2026