Jurrien Timmer, Director of Global Macro at Fidelity, forecasts that the price of Bitcoin could reach $300,000 by 2029. This projection is based on a power-law model that analyzes long-term adoption trends, suggesting a 3.5x increase from the current price levels near $84,000.
The model relies on two primary indicators. First, Bitcoin maintained a price above $60,000 for nearly a year, which Timmer identifies as a consolidation period. Second, the 52-week Z-score of the Bitcoin-to-gold ratio has turned positive, a statistical signal historically associated with cyclical market bottoms.
Timmer previously projected that Bitcoin would experience a consolidation phase in 2026 with support levels between $65,000 and $75,000. The asset recently surpassed $87,000 on an intraday basis, supporting the analyst's view that a new bull market cycle has commenced.
The power-law framework excludes macroeconomic variables such as interest rates or inflation data. While the model suggests a potential 3.5x return, it assumes the continuation of historical adoption patterns and does not account for potential black swan events or significant regulatory changes.
