Svmuu News: BTC is approaching the lower support line of the long-standing power-law price model, at approximately $58,000, indicating that it is nearing its historical accumulation range. Bitcoin’s relative undervaluation compared to its trend line and relative to gold has fallen to levels last seen during the 2018 and 2022 lows, but Jurrien Timmer of Fidelity has not yet declared that it has bottomed out.
Timmer expects that, in the absence of liquidity catalysts, Bitcoin may consolidate near support levels for several months, noting that speculative capital has rotated from Bitcoin to gold and is currently flowing into semiconductor stocks. (CoinDesk).
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BTC is approaching the $58,000 power-law support line, which has marked the bottoms of each cycle since 2015.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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