The macro director of Fidelity said that the bottom of the Bitcoin bear market may have formed, and it is expected to start a new cycle of bull market

Jurrien Timmer, Global Macro Director at Fidelity, stated on the X platform that Bitcoin has recently fallen to $60000, touching the technical support zone it predicted months ago. A bear market bottom may have formed, and it is expected to launch a new cycle of bull market after months of consolidation, possibly reaching a new high. He pointed out that as Bitcoin gradually matures, its volatility will weaken. The chart provided by Timmer shows a correlation between the price of Bitcoin and the global money supply, with $60000 as the technical support level. It depicts the historical waves of Bitcoin from early $2, $24 to a high of $64000, and predicts its sixth wave target to be $290425, outlining a framework for moving towards $1 million in the long term. He emphasized that if the cyclical pattern and adoption trend continue, Bitcoin may move forward along a structured maturity path.