[Fidelity Global Macro Director: A New Four-Year Bitcoin Bull Market Cycle May Have Begun] According to a report by Bitcoin Magazine on October 18, Jurrien Timmer, Fidelity's Global Macro Director, stated that based on Bitcoin's power-law pattern, 'a new four-year bull market cycle may be unfolding,' adding that 'there doesn’t seem to be a narrative at the moment, but bull markets rarely start with a narrative.' After peaking at approximately $125,000 in October 2025, Bitcoin experienced a sustained pullback. On December 18, 2025, Timmer had warned that Bitcoin might have concluded its previous four-year halving cycle in terms of both price and time dimensions, potentially falling back to the $65,000 to $70,000 range, though he remained bullish in the long term. This latest statement marks a significant shift from his earlier assessment.