Legendary investor Bill Miller IV remains a "huge bull" on Bitcoin despite its recent underperformance, while Fidelity's director of global macro, Jurrien Timmer, warns that the cryptocurrency may require further "rebalancing" before establishing a true bottom. The contrasting perspectives highlight the current uncertainty in the Bitcoin market.
Bitcoin currently trades near $93,750, roughly 25% below its all-time high of $126,080 reached in October 2025. It has struggled to reclaim the psychologically significant $100,000 level. In a recent CNBC appearance, Miller IV, Chief Investment Officer of Miller Value Partners, argued that Bitcoin has established a "higher base" than it did in the spring of 2025. He views the current price action as a healthy consolidation and pointed to three "massive tailwinds" for 2026, including the transition of capital markets to blockchain infrastructure, which he calls a "whole new ballgame" for Bitcoin's utility.
The Miller family's conviction is deeply rooted. Bill Miller III, famous for beating the S&P 500 for 15 consecutive years, first bought Bitcoin in 2012 at an average cost of $200 to $700 per coin. By early 2022, Bitcoin and other digital assets represented roughly 50% of his personal net worth, which he described as "insurance against a financial catastrophe." His son, Bill Miller IV, has followed suit, revealing in a March 2025 interview that he continues to buy Bitcoin every single day, calling it "the last thing I'd ever sell."
In stark contrast, Fidelity's Jurrien Timmer offers a more cautious outlook. In a Friday market update, he questioned whether Bitcoin's recent bounce from $80,000 to the $95,000 range is a return to trend or a "countertrend" trap. Timmer compared Bitcoin's underwhelming performance to gold's robust rally, noting that gold is performing "extremely well" as a hedge against the "ever-expanding" global money supply, which sits at $116.5 trillion and is growing at an annualized rate of 11.4%.
Timmer pointed to concerning liquidity metrics: futures interest has "dropped substantially," indicating leverage is leaving the system, and inflows into spot Bitcoin ETFs have cooled. Perhaps the most bearish note was his analysis of Bitcoin's "momentum curve," which he described as a "huge outlier" compared to historical norms and other asset classes. "Perhaps some rebalancing is in order here as well," Timmer concluded, suggesting a sobering reality check for bulls.
