Fidelity's Global Macro Research Director, Jurrien Timmer, suggests that Bitcoin may have reached the peak of its current four-year halving cycle, with the October high of $125,000 potentially marking the cycle's top. Timmer notes that historically, Bitcoin "winters" last about a year, and 2026 could be a year of consolidation, with key support levels between $65,000 and $75,000. Despite this, Timmer remains a long-term Bitcoin bull.