Bitcoin rallied 45% from a July low of $57,800 to $87,000, briefly dipping to $84,000. Fidelity’s Head of Global Macro, Jurrien Timmer, identified a double-bottom pattern with key resistance at $82,000; clearing that level could confirm a target of $100,000. He also projected a cycle target of $300,000 using the Bitcoin Power Law model. Bitfinex analysts noted miner sell pressure is low due to 25% higher profits per unit of computing power. However, a potential 0.25% Fed rate hike in October may create short-term macro headwinds.
Fidelity’s Jurrien Timmer stated that Bitcoin is approaching a double-bottom formation on the weekly chart. “Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100k,” he said.
The $82,000 level also represents the average cost basis of U.S. spot Bitcoin ETFs. Bitfinex analysts noted that this price previously capped the May rally before a decline to $58,500. “Now those buyers are in profit, and a cohort in profit defends its cost, turning the ceiling into support,” they explained.
A weekly close above $82,000 could confirm the pattern and make the ETF cost basis a new support zone for further upside. Losing that level, however, could open a downside scenario toward $70,000.
Separately, Timmer set a bullish target of $300,000 for this cycle, citing the Bitcoin Power Law model. This is a slightly more conservative projection than the $400,000 target estimated by the CryptoQuant CEO.
Short-term macro pressure remains a factor, particularly a potential 0.25% rate hike by the Federal Reserve in October. Despite this, Bitfinex analysts expect limited sell pressure from miners, noting that mining difficulty is still below late-June levels. They said, “Miners now earn around 25% more per unit of computing power, which means less need to sell BTC to pay bills, easing sell pressure.”
