Fidelity Investments director of global macro Jurrien Timmer identified a double bottom chart pattern for Bitcoin. This technical indicator suggests that if the asset maintains a level above $80,000, it confirms a path toward a target price of $100,000. The cryptocurrency recently traded at $84,647 and reached approximately $87,500 before a slight pullback.
Timmer also referenced a power law model, which projects that Bitcoin could reach $300,000 by 2029, provided the price remains above the $60,000 support level. This long-term model fits historical price data to a curve. Previously, in December, Timmer had expressed concerns regarding a potential decline for the asset to a range between $65,000 and $75,000.
Data from the Commodity Futures Trading Commission, analyzed by Tom McClellan, shows that hedge funds and other speculators have reached a record net long position in Bitcoin futures. Despite recent price increases, these traders continue to add to their long positions rather than taking profits. This behavior indicates a strong expectation of further market growth among institutional participants.
Market analysts note that other indicators remain mixed. CryptoQuant’s bull market line, which represents the one-year average close, currently sits at $81,700. Bitcoin is trading roughly $3,000 above this threshold. Experts warn that a decline back below the $80,000 level would invalidate the technical signal required to reach the $100,000 target.
