Fidelity Executive Claims Bitcoin May Have Started a New Bull Market, Target Price of $300,000 by 2029

Fidelity's Global Macro Director Jurrien Timmer stated that Bitcoin's power law model indicates that after holding above $60,000, Bitcoin has entered a new cyclical bull market. The model predicts that Bitcoin's target price will reach $300,000 by 2029. The Bitcoin power law model is a long-term valuation framework that suggests a power function relationship between Bitcoin's price and the scale of time or network adoption. This model extrapolates possible future price trajectories and valuation ranges by fitting historical price and address growth data, but it is based on statistical extrapolation from historical patterns rather than deterministic price predictions.

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