Bitcoin Approaches $58,000 Support Level in Power-Law Model, Enters Accumulation Zone on July 12

According to Jurien Timmer, global macro head at Fidelity, via CoinDesk on July 12, Bitcoin is approaching its long-term power-law model support level around $58,000. With the current price near $62,700, Bitcoin has entered what the model defines as an "accumulation zone," which previously corresponded to market bottoms in 2018 and 2022. The model shows Bitcoin trading approximately 56% below its power-law trend line. However, Timmer noted the market lacks key catalysts for near-term price reversal; the speculative premium that pushed Bitcoin above $120,000 last year has largely faded, and global money supply growth is slowing.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments