On December 19th, Jurien Timmer, Global Macro Director at Fidelity, posted on the X platform that while he remains bullish on Bitcoin in the long term, it may have ended another four-year halving cycle, both in terms of price and timing: after 145 months of gains, the high of $125,000 reached in October this year was largely in line with expectations. Bitcoin winters typically last about a year, so 2026 could be a "market closure year" for Bitcoin, with support levels between $65,000 and $75,000.
Furthermore, Jurien Timmer highlighted gold's strong performance in 2025, contrasting it with Bitcoin's negative performance, and predicting that neither asset will experience mean reversion in the short term. He pointed out that gold is currently in a strong bull market, having risen approximately 65% year-to-date, outperforming the growth of the global money supply. During the recent pullback, gold held onto most of its gains, a typical characteristic of a bull market.
