Fidelity's Jurrien Timmer says bitcoin's test of the $80,000 level confirms a double bottom pattern that targets $100,000, a reversal from the caution he voiced nine months earlier. Kalshi traders price the odds of bitcoin topping $100,000 in 2026 at 39%, even as U.S. spot ETFs post a seventh straight day of inflows.
Fidelity's director of global macro, Jurrien Timmer, says bitcoin's push toward the $80,000 ceiling of a double bottom pattern points to $100,000, a sharp reversal from the caution he voiced in December.
A Reversal From 'Year Off'
Timmer went into 2026 cautious, saying bitcoin may have ended another four-year cycle halving phase in both price and time. Days later he suggested 2026 could be a year off for bitcoin and placed support in the $65,000 to $75,000 range.
That floor didn't hold. Bitcoin fell to $60,000 in early February and to $57,800 in late June, undercutting the range he had flagged. Nine months later, after bitcoin broke $80,000, he said he now senses a new four-year cycle bull market is underway.
The September 25 Chart
Late Friday, according to Bitcoin.com News, Timmer posted a weekly chart built on data through Sept. 20: "Bitcoin is looking particularly interesting here as it challenges key resistance at $80k." The chart marks troughs at $60,033 and $57,742, with a breakout line at $80,554.
Measuring the pattern's depth against that breakout line puts the projected target at roughly $103,400. Bitcoin closed the week of Sept. 14 at $81,178 and traded near $84,000 as of Sept. 27. A weekly close above the line would mark its highest since the week of Jan. 19, when bitcoin finished at $86,670.
Traders Price It More Cautiously
Prediction markets aren't as convinced. Kalshi's 2026 bitcoin market prices a move above $100,000 this year at 39 cents, down from 41 cents a day earlier, while the $110,000 contract trades at 20 cents.
Short-term bets have cooled further: Kalshi's September contract on bitcoin topping $87,500 fell to 22 cents from 35 cents in the past 24 hours. Spot demand tells a different story, though, as U.S. spot bitcoin ETFs took in $134 million on Sept. 25, their seventh straight day of inflows, led by Blackrock's IBIT.
Source: Bitcoin.com News
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