Timmer Sees Bitcoin Double-Bottom Setup Targeting $100,000
The Fidelity macro director’s conditional view marks a shift from earlier caution, while Sept. 23 prediction-market pricing put the odds of Bitcoin exceeding $100,000 before Jan. 1 at 39%.
Bitcoin (BTC) is testing resistance near $80,000, where a break could confirm a double-bottom pattern targeting $100,000 and mark a shift in Jurrien Timmer’s market view.
Timmer, Fidelity’s director of global macro, wrote Sept. 21 that Bitcoin was challenging the resistance level and that a break would confirm the pattern. The setup remains conditional on Bitcoin moving above the roughly $80,000 area.
“Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100k,” Timmer wrote.
Bitcoin fell to 2026 lows of $60,033 and $57,742, below the $65,000-$75,000 support range Timmer had previously identified. Using the $57,742 low and an $80,554 breakout level, the pattern’s measured target is approximately $103,400. A calculation using Bitcoin’s $82,807 May high produces a target of about $107,900.
Timmer’s separate power-law analysis points to a new cyclical bull market and a $300,000 target in 2029.
“Bitcoin’s power law math continue to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029,” Timmer wrote.
In a Jan. 5 post, Timmer wrote, “Bitcoin ... took the year off,” and again identified $65,000 as a key support level, with $45,000 below it. His earlier view was based on the possibility that Bitcoin had completed another four-year halving cycle.
On Sept. 23, a prediction market priced a 39% chance that Bitcoin would exceed $100,000 before Jan. 1, 2027. The market assigned 27% odds to a move above that level in December and 17% odds for November.
U.S. spot Bitcoin ETFs recorded $134.5 million in net inflows on Sept. 25, extending a seven-session positive streak from Sept. 17 through Sept. 25. The Sept. 21-25 period totaled $2.385 billion, following another day of net inflows for U.S. spot Bitcoin ETFs.
The ETF figures show sustained demand for regulated Bitcoin exposure, but they do not establish that fund inflows caused Bitcoin’s move toward the resistance level.
