PANews reported on December 12th that Jurrien Timmer, Global Head of Macro at Fidelity, wrote on the X platform that market sentiment has improved after excessive speculation in the crypto market subsided. Against the backdrop of the Federal Reserve's accommodative policy and a calm bond and foreign exchange market, Bitcoin's ending in 2025 is actually quite promising. Previously, Bitcoin treasury companies offered "yields" by issuing shares to purchase Bitcoin, which may now become a drag on Bitcoin's rise and raises questions about whether another four-year cycle has ended.

However, observing the Bitcoin network's maturity curve reveals that since 2010, Bitcoin has experienced five waves of upward movement, each with a smaller increase than the previous one, but lasting for increasingly longer periods. Its performance in the most recent bull market (starting at approximately $16,000 in 2022) demonstrates that Bitcoin has reached a high level of maturity. According to the five-wave upward trend chart shared by Jurrien Timmer, the peak price of Bitcoin in the fifth wave may have been $151,360.