[Fidelity Global Macro Director Questions Bitcoin 'End of Four-Year Cycle' Theory] On January 10, Fidelity Global Macro Director Jurrien Timmer stated that Bitcoin's current trend is closer to the S-curve of the internet rather than a power-law curve. He expressed skepticism about the claims that the 'four-year cycle' of Bitcoin has ended and that bear markets will no longer occur. Timmer also suggested that Bitcoin's bottom line is $65,000 (the previous high), while the power-law trend line indicates a bottom of $45,000. Timmer pointed out that if Bitcoin enters a consolidation phase in the next year, the power-law trend line could approach $65,000 and become a key price level.