Fidelity: Bitcoin winter could last a year, with support levels between $65,000 and $75,000.

 Jurien Timmer, Global Macro Director at Fidelity, posted on platform X that although he remains long-term bullish on Bitcoin, Bitcoin may have already ended another four-year halving cycle, both in terms of price and time: after 145 months of rising, the $125,000 peak reached in October this year basically meets expectations. Bitcoin's winter usually lasts about a year, so 2026 may be Bitcoin's "resting year," with support levels between $65,000 and $75,000.

In addition, Jurien Timmer also emphasized the strong performance of gold in 2025 and contrasted it with Bitcoin's negative performance, expecting that neither of these two assets will experience mean reversion in the short term. He pointed out that gold is currently in a strong bull market, having risen about 65% year-to-date, outperforming the growth of global money supply. During the recent pullback, gold held most of its gains, which is a typical characteristic of a bull market.