Timmer: Investment Clock Hits ‘Past Midnight’ Zone Seen Before 2018, 2022 Slumps

Fidelity's Jurrien Timmer says his Investment Clock model has moved into a 'past midnight' zone, a phase that preceded the 2018 and 2022 market slumps. The signal is a macro-cycle warning rather than a crypto-specific event, but it implies late-cycle conditions that have historically coincided with sharp drawdowns in risk assets including bitcoin. Traders would read it as a caution flag for adding risk exposure, though it is an analyst view rather than a hard catalyst.