Fidelity said Bitcoin's bear market has ended.

Stocktwits reported on October 11 that Jurrien Timmer, Fidelity's director of global macro, said on a podcast that Bitcoin had emerged from a gradual bear market and that its move above $80,000 confirmed a double bottom.

Timmer said he had viewed $60,000 as a buying zone for Bitcoin, though it ultimately fell as low as $58,000. Past Bitcoin bear markets typically lasted nine to 12 months, he added.

He also said both Bitcoin and gold are set to rise, but that Bitcoin has greater upside potential.