Jurien Timmer, director of global macro at Fidelity, has opined that speculative assets (meme stocks, SPACs, non-profitable tech companies, recent IPOs, and Bitcoin) experiencing a crash is “probably a good thing.”
He has implied that the pullback in these highly speculative areas can be healthy for the broader market and investors since it cools down irrational exuberance.
The air has suddenly been taken out of the speculative highfliers, such as the meme stocks, bitcoin sensitive stocks, SPACS, recent IPO’s, non-profitable tech, etc. I would argue this is probably a good thing. pic.twitter.com/c7EBQDQKpr
— Jurrien Timmer (@TimmerFidelity) November 25, 2025
Mid-cycle reset?
Some crypto‑market analysts described the drop as a normal 20–30% correction during a bull cycle, not the end of one. The logic is simple: such pullbacks often shake out weak hands and reduce excessive leverage.
Binance CEO Richard Teng recently opined that Bitcoin is in a “healthy consolidation phase.”
He has attributed the Bitcoin price drop to the broader deteriorating trend that is affecting all speculative assets.
Arthur Hayes recently argued that the purge of excess leverage and a broader “liquidity drawdown may set the stage for a rebound. He warned that macro and monetary liquidity have dropped, but also argued that the Fed resuming monetary easing could push Bitcoin to as high as $200,000–$250,000.
JPMorgan’s analysts (led by analyst Nikolaos Panigirtzoglou) estimate that Bitcoin could reach about $170,000 within the next 6–12 months (roughly by 2026).
The forecast is based on a volatility‑adjusted comparison of Bitcoin with gold.
Bitcoin’s fading momentum
As reported by U.Today, Timmer recently noted that Bitcoin’s momentum had collapsed, with the cryptocurrency acting as a risk amplifier instead of a safe haven.
However, despite the price drawdown, the cryptocurrency’s network remains healthy.
“Taking a step back and looking at Bitcoin’s power curve, we can see that despite Bitcoin’s drawdown below $100k, it remains more or less on track vs the power law model of its network,” Timmer said.