Jurrien Timmer, Director of Global Macro at Fidelity Investments, has reiterated his analysis that Bitcoin (BTC) has likely established a cyclical bottom, with the $60,000 price level acting as a key support floor. In a recent post on the social media platform X, Timmer stated, "Bitcoin has continued to search for a bottom, and I still think that the $60k is a good place to look." He acknowledged the price could undercut this level temporarily but believes structural indicators support it as a long-term floor for the current market cycle.
Timmer's forecast is heavily based on a long-term "Bitcoin's Power Law" chart, which models the cryptocurrency's price evolution from 2009 through projected data into 2029. This model identifies a current cyclical support band between $52,792 and $66,942, with the $60,000 mark positioned near its center. The analysis also incorporates two key oscillators: the percentage deviation of Bitcoin's price from its power law trendline and the 52-week Z-score of the Bitcoin-to-gold ratio.
Current readings show Bitcoin trading at a negative 45% deviation from its fair value trendline, while the Z-score has plunged to around negative 100%. Historically, such extreme depths in these oscillators have signaled the concluding phases of a bear market. Timmer first suggested in mid-February 2026 that the four-year bull cycle had ended when Bitcoin initially crashed to the $60,000 zone. However, he argued the subsequent downturn would be a surprisingly "shallow" crypto winter, contrasting with previous cycles that saw catastrophic 80% drawdowns, due to heavy institutionalization following the launch of spot Bitcoin ETFs.
