Bitcoin holds above $80,000 as Fidelity signals $100,000 path

Bitcoin held above $80,000, a level Fidelity's Jurrien Timmer said would confirm a bottom and open a path to $100,000. Timmer is Fidelity Investments' director of global macro. Timmer said a double-bottom chart pattern supported the target. His weekly chart marked lows of $60,033 in February and $57,742 in late June. The chart used data through September 20. Bitcoin later crossed $80,000 and touched about $87,500 before easing. Timmer also said Bitcoin's power law signaled a new cyclical bull market after the price held $60,000. He said that model pointed to $300,000 in 2029. Timmer had raised bear market concerns in December and warned of a possible decline to between $65,000 and $75,000. Bitcoin later fell further. Bitcoin traded at $84,647 on Sunday, about 18% below the $100,000 target. Tom McClellan said speculators such as hedge funds recently reached a record net long position. McClellan said those traders added more long positions after an early-week price increase. Other signals included weaker exchange-traded fund flows and spot demand. CryptoQuant's bull market line was $81,700, based on Bitcoin's one-year average close. The current Bitcoin price was about $3,000 above that line. A move below $80,000 would undo the break on which Timmer's $100,000 target depends.