Fidelity Macro Strategist Sees Bitcoin Bear Market Floor Near $60,000

Fidelity Global Macro Director Jurrien Timmer said on Feb. 15 that Bitcoin's pullback to around $60,000 has entered a support area identified months earlier, marking a possible bear market bottom and the start of a new expansion phase. He argued that as Bitcoin matures, volatility should decline, and after consolidation around $60,000, a new bull cycle could emerge with potential for fresh all-time highs. Timmer highlighted a chart linking Bitcoin's price to global money supply that marks $60,000 as technical support, alongside a "Bitcoin's Maturation Journey" chart tracing historical waves from $2 and $24 through the break above $64,000 and setting a projected sixth-wave target of $290,425. He added that this curve-based model, which incorporates macroeconomic variables into a long-term framework pointing toward $1 million, implies Bitcoin is likely to follow a structured maturation path after consolidating at current levels if existing cyclical patterns and adoption trends persist.