Fidelity analyst: Bitcoin may be entering a new cycle, but its year-end performance remains uncertain.

According to Mars Finance, Jurrien Timmer, Global Head of Macro at Fidelity, wrote on the X platform that market sentiment has improved after excessive speculation in the crypto market subsided. Against the backdrop of the Federal Reserve's accommodative policy and a calm bond and foreign exchange market, Bitcoin's ending in 2025 is actually quite promising. Previously, Bitcoin Treasury companies offered "yields" by issuing shares to buy Bitcoin, which may now be a drag on Bitcoin's rise, raising questions about whether another four-year cycle has ended. However, observing the mature network curve structure of Bitcoin shows that since 2010, Bitcoin has experienced five waves of upward movement, each with a smaller increase but a longer duration. The performance in the most recent bull market (starting at approximately $16,000 in 2022) demonstrates that Bitcoin has matured significantly. According to the five-wave upward trend chart shared by Jurrien Timmer, the peak price of Bitcoin in the fifth wave may be $151,360.