Fidelity Analyst Eyes $100,000 Bitcoin Target After Breaking Key Resistance

Bitcoin has surpassed the $80,000 threshold, a level Fidelity Investments director of global macro Jurrien Timmer previously identified as the trigger to confirm a double-bottom chart pattern. Timmer suggests this breakout could pave the way for a move toward $100,000. Additionally, Timmer highlighted a power law model projecting a potential target of $300,000 by 2029. Meanwhile, data from the Commodity Futures Trading Commission indicates that speculators, including hedge funds, have reached record net long positions in Bitcoin futures.