A forecast has emerged that bitcoin could reach $300,000 by 2029.

On Sept. 26 (local time), blockchain media outlet U.Today reported that Jurrien Timmer, director of global macro at Fidelity Investments, judged that bitcoin has ended a localized weak trend and is ready to enter a long-term uptrend phase.

The core of the forecast is the $60,000 level. Timmer defined this price zone as a "line in the sand." He said the market defended the area, suggesting selling pressure has weakened, and that the validity of the power law model has been reaffirmed. He saw a path opening toward a new record high as bitcoin held this support level.

On the chart, a weekly reversal pattern drew attention. Bitcoin rose to $126,251 in 2025 before giving up more than half its value in a correction phase. It then formed local lows twice in the $57,742 to $60,033 range, creating a typical double-bottom pattern. Institutional investors are described as viewing this point as a key reversal signal.

The near-term pivot is resistance at $82,000 to $86,000. The current price is trading around $82,266, the pattern's neckline. Market analysts see the potential for a technical rise toward the psychological resistance level of $100,000 if it clearly breaks above $82,500. An assessment was also presented that, by Wall Street standards, such a break could be interpreted as a signal that a capital accumulation phase has ended.

Timmer said attention should not be fixed only on sharp short-term drops. He suggested that bitcoin's upside multiples can be estimated using a log scale-based ruler. He also pointed out that the weekly stochastic indicators Fast %D and Slow %D have already moved out of oversold territory. That was presented as a signal confirming that large-scale buying is resuming, backed by long-term mathematical models.

The forecast is based on a power law model that uses log-linear progression and a 52-week Z-score for bitcoin's ratio to gold. Timmer judged that current price fluctuations are not mere noise but are within repeating cycles. He also said large past drops of 56 percent and 63 percent can be explained within that trajectory.

A risk warning was also presented. Fidelity stressed that bitcoin remains a highly volatile asset and that past performance does not guarantee future returns. It also said strict diversification is needed given bitcoin's aggressive nature. Even so, Timmer's macro model clearly shows that bitcoin's trend follows rigorous mathematical principles more than individual investors' fear.

Against this backdrop, the market's next focus is whether holding the $60,000 support level will continue to back a medium- to long-term rise scenario, and whether a break above $82,500 will actually serve as a trigger for another attempt at $100,000. Fidelity's $300,000 target assumes a strong volatility warning, but it places weight on the view that the long-term trend itself remains valid.

Bitcoin’s power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029. https://t.co/JTUHFcsskX