Bitcoin’s (BTC) power law math is signaling the start of a new cyclical bull market after the cryptocurrency held the $60,000 level.

Fidelity’s Director of Global Macro, Jurrien Timmer, says the framework continues to indicate long-term growth ahead.

The analysis projects a $300,000 target by 2029 based on the same mathematical model.

“Bitcoin’s power law math continues to suggest that a new cyclical bull market is underway after holding $60k, targeting $300k in 2029.”

Bitcoin’s power law is a long-term mathematical model that suggests the cryptocurrency’s price follows a power-law relationship with time, rather than moving along a simple linear or exponential growth path.

Meanwhile, crypto strategist Killa tells his 233,200 followers on X that Bitcoin is in a new bullish regime after BTC printed a higher high (HH) on the weekly chart.

“It quite literally can only go up only… People are overcomplicating something very simple because, if it looks too obvious, it cannot happen.

We’ve formed a weekly HH while positioning has fully reset. There is quite literally nothing to be bearish about.”

Looking ahead, the analyst says the next few days will be crucial in determining Bitcoin’s price action (PA) in October based on historical patterns.

“Monthly open pivot approaching. Six out of seven times, BTC has seen a pump around the monthly open, usually because PA was bearish heading into it.

So if we dump into October, I’d expect a push higher afterwards. If we pump into it instead, I’d be far more cautious.”

Generated Image: Midjourney