Fidelity Analyst: Crypto Bear Market Bottom May Be Formed, Poised for New Expansion After Months of Consolidation

BlockBeats News, February 15: Jurrien Timmer, Global Macro Director at Fidelity, stated on the X platform that Bitcoin recently dropped to $60,000, reaching a support area predicted months ago. The bear market bottom may have formed, poised to start a new expansion. He pointed out that as Bitcoin matures, volatility will gradually decrease, expecting to start a new bull market cycle after several months of consolidation, potentially hitting a new high.

Timmer's chart analysis stated that the Bitcoin price is related to global money supply, with $60,000 as a technical support level. Another chart titled "Bitcoin's Road to Maturity" depicted its historical waves: from early stages at $2, $24, to breaking the $64,000 high and pointing to the predicted sixth wave area of $290,425. This model integrates curves and macro variables, outlining a framework for a long-term move towards $1 million. He emphasized that if the cyclical pattern continues and the trend is followed, Bitcoin is expected to move forward along a structured path of maturity after consolidating around $60,000.