As assessments increase suggesting that the bear market in the cryptocurrency sector may have reached its bottom, a noteworthy analysis has come from analysts at Fidelity Investments.
Jurrien Timmer, the company’s Global Macro Director, stated that Bitcoin’s drop to the $60,000 level, touching the support zone he had previously predicted, could signal a potential bottom formation in the bear market.
Timmer, in his assessment on the social media platform X, stated that Bitcoin’s recent decline was met with a technically significant support area, and that this could be the beginning of a new expansion cycle. According to the analyst, as Bitcoin matures, price volatility gradually decreases, paving the way for a more structured and sustainable uptrend. It is predicted that after a few months of consolidation, a new bull market cycle could begin, and the price could once again head towards historical highs.
Timmer’s chart analysis highlighted a striking correlation between the Bitcoin price and the global money supply. The $60,000 level stands out as a critical threshold, both from a macroeconomic and technical analysis perspective. According to the analyst, this region could provide a solid foundation for the long-term structure of the market.
Another chart, titled “Bitcoin’s Path to Maturity,” examines the asset’s historical wave structure. It analyzes the process from early peaks like $2 and $24 to the breakout above $64,000, showing that the model’s sixth-wave projection points to $290,425. Timmer’s long-term framework, taking into account macroeconomic variables and adoption curves, outlines a theoretical maturation path for Bitcoin extending to $1 million.
According to the analyst, if cyclical patterns and global adoption trends continue, Bitcoin is expected to enter a more orderly and structural growth phase after its consolidation around $60,000. This scenario could herald a new period of expansion in the crypto market.
*This is not investment advice.
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