Bitcoin may have wrapped up its halving-cycle bull run and could enter a cooling period in 2026, predicted Jurrien Timmer, Director of Global Macro at Fidelity Investments.

The macro strategist suggested that Bitcoin could revisit the $65,000 to $70,000 range following the recent cycle peak, which saw the price reach $126,000. He still expects Bitcoin to rise in the long run.

While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase, both in price and time. If we visually line up all the bull markets (green) we can see that the October high of $125k after 145 months of rallying fits… pic.twitter.com/Uxg9DTccnt

— Jurrien Timmer (@TimmerFidelity) December 18, 2025

Timmer previously noted that Bitcoin’s trend setup lagged behind gold’s, with indicators placing the two assets at opposite extremes. While this could eventually create a mean-reversion opportunity, he repeatedly said the timing was premature.

The analyst also pointed out that cycle highs are less extreme as adoption matures.

Bitcoin changed hands above $88,000 at press time, experiencing major price swings over the past few weeks amid investor caution ahead of year-end, per CoinGecko.