Fidelity’s Global Macro Director Jurien Timmer noted on X that the current Bitcoin halving cycle may have completed another four‑year pattern in both price and timing. After a 145‑month ascent and a peak near $125,000 in October, the run appears broadly aligned with established expectations for Bitcoin. With history showing a roughly year‑long winter, Timmer argued that 2026 could be an off‑year for Bitcoin, with technical support in the $65,000–$75,000 zone, shaping the near‑term Bitcoin price outlook.

He also contrasted Bitcoin‘s momentum with Gold‘s performance, underscoring a divergent macro rhythm. Gold has advanced about 65% year‑to‑date, outpacing broad money‑supply growth and displaying hallmark bull‑market traits such as holding most gains through pullbacks. Timmer maintained that neither asset is poised for imminent mean reversion, reinforcing a nuanced macro outlook 2025 where Gold and Bitcoin may follow different secular paths.