Fidelity macro chief Jurrien Timmer says Bitcoin bull market is back, targets $300,000 by 2029

KUALA LUMPUR, 27 SEPTEMBER 2026 —

Bitcoin entered a new cyclical bull market after holding its $60,000 power‑law support level, and Fidelity’s Global Macro Director Jurrien Timmer said the cryptocurrency is now targeting $300,000 by 2029.

The outlook matters because a $300,000 price would be more than 3.5 times Bitcoin’s current level of about $84,000 and would push the digital asset well beyond its all‑time high of $126,198 set in 2025. Timmer’s projection also follows a shift in the Bitcoin‑to‑gold indicator, which turned positive at 6% after bottoming near –100%, a move that signals a strengthening macro relationship between the two assets.

Timmer’s chart, which combines weekly data from Fidelity, Bloomberg and Haver Analytics, places the $60,000 level as a “line in the sand.” The chart shows the price line at $81,218 as of 20 September, comfortably above the support threshold, and notes that during the recent slump Bitcoin never breached the $60,000 floor. The same chart tracks Bitcoin’s price relative to gold, showing the indicator’s rise to a 6% positive reading after a trough around –100%.

Earlier cycles recorded bottom‑line readings of –120%, –118% and –102%, each of which was followed by a new upward move.

The bullish signal aligns with a broader institutional trend identified by Bitwise in a report released on Wednesday. Bitwise said that institutions are increasingly pairing Bitcoin with gold as part of the same macro trade, especially among investors worried about fiat currency debasement. Some institutional investors now treat the two assets as interchangeable expressions of the same investment thesis, while certain endowments have built parallel positions in both Bitcoin and gold.

Timmer’s current stance contrasts sharply with his comments a month earlier. In August, he wrote that Bitcoin had held the floor of its power‑law curve and that the “fix had gone on long enough to meet the requirements for a mild winter every four years.” At that time he did not forecast a new bull market or specify a price target.

The shift from a neutral observation to an explicit $300,000 projection underscores the rapid change in market dynamics that Timmer believes is now underway.

The forecast arrives as Bitcoin’s price remains roughly 33% below its 2025 peak, trading near $84,000. If the asset sustains the $60,000 support and the Bitcoin‑to‑gold indicator continues its positive trajectory, the power‑law model suggests a prolonged upward trend that could culminate in the $300,000 level by the end of the 2029 cycle.

Timmer’s analysis implies that the next several years could see Bitcoin’s price appreciation outpace that of traditional safe‑haven assets, reinforcing the view that the cryptocurrency is becoming a core component of macro‑oriented portfolios.

The next step, according to Timmer’s post, is for market participants to monitor the power‑law trend line and the Bitcoin‑to‑gold ratio for further confirmation. A sustained breach of the $81,218 line and continued positive movement in the gold‑relative indicator would provide additional validation of the bullish outlook. Institutional investors, guided by reports such as Bitwise’s, are likely to increase exposure to Bitcoin alongside gold, potentially accelerating the price trajectory toward the $300,000 target.

Related: Fidelity · Jurrien Timmer