Fidelity's Timmer says Bitcoin's new 4-year bull market may be underway

Bitcoin rose above $87,000 on Monday after Jurrien Timmer, Fidelity Investments' director of global macro, said its bull market may be underway. Timmer said in an X post on Saturday that Bitcoin had broken out after holding $60,000 support for nearly a year. He said that period matched the typical length of a Bitcoin winter and indicated that a new four-year cycle bull market may be underway. Bitcoin rose 5.70% after Timmer's remark. Timmer also posted Bitcoin's power law chart, which maps the asset's long-term value over time. The chart's pink bars show the 52-week Z-score of the Bitcoin to gold price ratio, measuring how far the current ratio deviates from its historical mean in standard deviations. Timmer noted that the Z-score had turned positive after an extended negative period and that this signal has historically marked market bottoms. Bitcoin reached an intraday high of $87,363 on Monday, its highest level since late January. The push by the SEC to build a cryptocurrency regulatory framework, including one for tokenized U.S. stocks, outweighed the failure of the CLARITY Act, according to the report. The Crypto Fear & Greed Index showed Extreme Greed. Almost $400 million worth of Bitcoin positions, mostly shorts, were liquidated over the previous 24 hours. Coinbase Global CEO Brian Armstrong said Bitcoin could reach $300,000 to $400,000 by 2030. Bitcoin-related bullish commentary on social media also reached its highest level since 2024, according to on-chain analytics firm Santiment. Santiment warned that the cryptocurrency market typically moves against crowd expectations. As of the report's stated time, Bitcoin was up 2.81% over 24 hours at $85,862.94, according to Benzinga Pro.