Summary
- Fidelity Digital Assets said the time it takes for Bitcoin to rise from $100,000 to $200,000 could be shorter than in the past.
- A Fidelity analyst said Bitcoin has climbed about 50% from its $58,000 bear-market low, in a recovery pattern similar to the rebound after the 2022 bear market.
- He also said Bitcoin’s gains have slowed with each market cycle and that past price action does not guarantee future gains.
Forecast Trend Report by Period
Fidelity, the global asset manager, said Bitcoin could take less time than it did in the past to rise from $100,000 to $200,000.
Bitcoin took about 16 years to top $100,000 for the first time, but the move from $100,000 to $200,000 could happen much faster, Jack Wainwright, a research analyst at Fidelity Digital Assets, said, according to Bitcoin News on October 24.
Wainwright said Bitcoin’s recent price action resembles past recoveries from bear markets. As of October 12, Bitcoin had risen about 50% from its June bear-market low of $58,000, a pattern similar to the rebound after the 2022 bear market, he said.
He also noted that Bitcoin’s gains have slowed with each market cycle. Past price action does not guarantee future gains.
As of 10:40 p.m., Bitcoin was trading at $80,586, down 1.31% from a day earlier.
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