Fidelity Executive: The bottom of the crypto bear market may have formed, expected to usher in a new round of expansion

According to Bitcoin.com, Jurrien Timmer, the Director of Global Macro at Fidelity, stated on the X platform that Bitcoin recently dropped to $60,000, reaching the support area predicted months ago, suggesting that the bear market bottom may have formed and a new expansion phase could begin.

He pointed out that the drop to $60,000 is relatively shallow, and as Bitcoin matures, volatility will gradually decrease. He expects that after several months of consolidation, a new bull market cycle will start, potentially reaching new highs.

Timmer included chart analyses indicating a correlation between Bitcoin prices and global money supply, with $60,000 serving as a technical support level. Another chart titled "The Maturity Path of Bitcoin" depicts its historical waves: from early $2 and $24 to breaking the $64,000 high, pointing towards a projected sixth wave area of $290,425. This model integrates curves and macro variables, outlining a long-term framework towards $1 million.

He emphasized that if the cyclical patterns and adoption trends continue, Bitcoin is expected to progress along a structured maturity path after consolidating at $60,000.