Fidelity's Global Macro Director, Jurrien Timmer, has expressed skepticism about the widely held belief that Bitcoin's four-year cycle has ended, suggesting instead that Bitcoin's trajectory resembles an S-curve similar to the internet's growth. Timmer acknowledges the diminishing impact of the halving cycle but questions the notion that bear markets are a thing of the past. Timmer identifies $65,000 as a critical support level for Bitcoin, contrasting with a power-law trendline that suggests a $45,000 support. He notes that if Bitcoin enters a consolidation phase, the power-law trendline could align with the $65,000 level, potentially becoming a pivotal point for the cryptocurrency's future price movements.