Bitcoin is approaching the lower support line of a long-used power-law price model around $58,000, suggesting it is nearing a historical accumulation zone:
- Measures of how far bitcoin trades below its trendline and relative to gold have fallen to depths last seen at the 2018 and 2022 lows:
- Fidelity’s Jurrien Timmer is not yet calling a bottom:
- Timmer expects bitcoin could drift sideways near support for months absent a liquidity catalyst:
Jurrien Timmer notes that bitcoin is drifting toward the bottom edge of the model he has used to track it for years:
That model is the power law, which plots bitcoin's entire price history on a logarithmic chart bounded by three curves — an upper resistance line, a middle trendline, and a lower support line that has caught every major bottom since 2015:
On Timmer's latest chart the support line sits near $58,000, and bitcoin at about $62,700 is closing in on it:
He expects bitcoin can sit near the support line for months before it turns:
