Bitcoin rallies to $87,000 as Fidelity analysts identify a new bull cycle, bolstered by U.S. legislative momentum and strategic reserve proposals.
Fidelity's macro director sees a new 4-year Bitcoin bull market beginning after price crossed $80,000 and the BTC-gold Z-score turned positive.
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Bitcoin has reclaimed the $87,000 level, fueled by a positive shift in the BTC-gold Z-score and renewed institutional optimism. Fidelity's Jurrien Timmer suggests a new four-year bull cycle is underway, supported by a wave of pro-crypto legislative efforts from the Trump administration, including the proposed strategic Bitcoin reserve.
The Z-score measures the deviation of the Bitcoin-to-gold ratio from its historical mean. A shift from negative to positive territory has historically signaled a market bottom for Bitcoin.
The administration has introduced several supportive measures, including the SEC's 'Innovation Exemption' for tokenized stocks and the House's advancement of the American Reserve Modernization Act.